HomEquity Bank Income Advantage Prepayment Calculator

You can choose to pay your HomEquity Bank Income Advantage early. If you make an early payment, a prepayment charge may apply.

The prepayment information provided here only applies to our most recent HomEquity Bank Income Advantage (Contract 32). Refer to your mortgage documents to see which contract you have.

Any amount you prepay will be applied to the following items first, in this order: interest on default expenses, default expenses and accumulated interest. Prepayment charges do not apply to these items.

No prepayment charge will apply:

  • on the first 10% of funds owing that you pay once in a rolling 12 month period, provided you also pay at that time any default expenses and accumulated interest.
  • after 5 years of receiving your initial advance when you make the payment in your Lump Sum Account within 30 days following your interest reset date.
Note: If you make a full repayment in the first 10 years of receiving the initial advance, a deferred closing cost of $1,495 is added to the prepayment charge.
Fixed Interest Rate Mortgage has an interest rate that does not change until your next interest rate reset date.
Variable Interest Rate Mortgage has an interest rate that can change at any time.
Interest Rate Term is the time period that your current interest rate will be in effect.

Payment is being made in what year since initial advance? 
Is this a full repayment? 
Amount of funds outstanding (your initial advance plus any advances from your Lump Sum Account and Planned Advance Account) ($) 
Have you made a repayment of funds in the last 12 months? 
Planned Advance Account
Funds being repaid Planned Advance Account ($) 
Current interest rate for Planned Advance Account (%) 
Lump Sum Account
Funds being repaid Lump Sum Account ($) 
Current interest rate for Lump Sum Account (%) 
Months' remaining on your term 
Comparison rate for a new HomEquity Bank product with same term* (%) 
You can find the current rate for a HomEquity Bank Product with the same number of months remaining until the next interest reset date as for your HomEquity Bank Product, excluding the current month, at www.chip.ca/rates
To find the comparable term, please use the following table.
Number of months remaining until next interest reset date for your Lump Sum Account, excluding the current month: Interest rate option used to determine the rate for a HomEquity Bank product on our website would be:
Less than 9 months 6 month option
Between 9 and 23 months 1 year (12 month) option
Between 24 and 47 months 3 year (36 month) option
Between 48 and 59 months 5 year (60 month) option
The prepayment charge calculated is an estimate of the actual charge. If you need assistance or have any questions, please contact us at 1-866-331-2447.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

Powered By CalcXML Calculators For Websites