THE EXIT COST FIELD GUIDE
Guidance reviewed 2026-10-23. A lender’s dated payout quote identifies the actual payable amount.
TWO COUNTRIES / DISTINCT CONTRACTS
Start with a written payout quote.
Not every mortgage has a prepayment penalty. Confirm the trigger, formula and time window. The model does not decide legality, apply statutory limits, or calculate commercial yield maintenance or defeasance.
CFPB primary guidance ↗Months to renewal drive this simple IRD. The lender’s rate definitions and discount treatment matter. Actual compounding and present-value methods can differ from this approximation.
FCAC primary guidance ↗Confirm principal, charge formula, rate inputs, applicable privileges, expiry, accrued regular interest, discharge charges and cash-back clawbacks. Compare these with the new loan’s closing costs and repayment schedule.