Canadian homeowners approaching a mortgage renewal, and anyone deciding whether an annual lump-sum prepayment is worth making before that renewal date.
Como funciona
- Enter your principal, quoted rate, amortization and term - the payment shown is the one that rate and term actually produce.
- Enter the extra amount you plan to prepay each year; it is capped at the privilege you enter, not assumed to be free.
- Enter your lender's renewal rate and a competing rate with its switch fee.
- Read which option costs less over the remaining amortization, and by how much.
O que você ganha
- Derives the monthly rate the way the Interest Act actually requires for a Canadian fixed-rate mortgage - the quoted rate compounded SEMI-ANNUALLY, converted to its monthly equivalent - not the annual rate divided by twelve
- Caps any extra payment at the prepayment privilege entered, a percentage of the ORIGINAL principal per year, and says plainly how much of an over-privilege payment is actually applied rather than treating all of it as free
- Shows interest paid over the current term with and without the extra payment side by side, so the saving is a number and not an assumption
- Compares a real stay-or-switch renewal decision on the SAME remaining balance and the SAME remaining amortization, so only the rate and the one-time fee differ
Captura de tela
Detalhes técnicos
Como configurar e usar
- Compre a licenca — sua chave (lic_...) aparece na pagina do pedido e no seu e-mail.
- Entre em app.synoriaai.com com sua chave de licenca.
- Sem instalacao — o produto roda no navegador, na sua instancia isolada.
- 1. Enter your mortgage details: original principal, current term rate, remaining balance, and remaining amortization.
- 2. Input your annual prepayment privilege (as a percentage of the original principal) and the extra amount you plan to pay each year.
- 3. Click 'Calculate Prepayment' to see the interest paid over the current term with and without the extra payment, plus the exact amount applied (capped if over your privilege).
- 4. For renewal, enter your current lender's renewal rate, the competing lender's rate, and any one-time switch fee.
- 5. Click 'Compare Renewal' to see which option is cheaper and the exact switch fee at which both offers cost the same.
Perguntas frequentes
How does the tool calculate the monthly rate for my mortgage?
It uses the rate compounding semi-annually as required by Canada's Interest Act, then converts that to an equivalent monthly rate. It does not simply divide the annual rate by 12.
What happens if I enter an extra payment that exceeds my prepayment privilege?
The tool caps the applied extra payment at your annual privilege (a percentage of the original principal) and clearly shows how much of your payment is actually applied versus the excess that would not be allowed.
Does the tool store or transmit my entered data?
No. All calculations happen locally in your browser. Your mortgage amounts, rates, and fees are never sent to a server or saved.
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