Understanding your loan
Prepayment
How many years and how much interest an extra payment saves you.
Rates posted by Multi-Prêts Hypothèques — collected on September 9, 2026. Some conditions apply. Subject to change without prior notice. Rates may vary according to the amount borrowed, your credit rating, guarantees offered and other factor. Please refer to your Multi-Prêts broker for more information.
Most contracts allow repaying 10% to 20% of the original amount each year, penalty-free.
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These results are provided for illustration only. They apply the Canadian mortgage rules and the Quebec schedule in force, but they are not an offer of financing nor investment advice: the actual rate, amortization and terms depend on your file and on the lender chosen, and are subject to change. For a firm answer, talk to a broker.
Does that number work for you? A broker will confirm it with a real lender. In most files our compensation comes from the lender — if it were ever otherwise, your broker tells you before anything moves.
What the number does not tell you
An extra payment hits principal in full, without passing through interest. Every dollar paid today therefore spares you all the interest it would have generated until maturity — which is why $200 a month on a $320,000 loan buys back several years and tens of thousands of dollars. The effect is stronger the earlier in the amortization it lands.
Check your prepayment privileges before paying. Most contracts allow repaying 10% to 20% of the original amount per calendar year, sometimes only on a fixed date; beyond the ceiling, the excess triggers a penalty that can cancel the gain. These privileges are negotiated at signing, and are often worth more than a tenth of a point on the rate.