CHIP Home Income Plan Prepayment Calculator

You can choose to pay your CHIP Home Income Plan early. If you make an early payment, a prepayment charge may apply.

The prepayment information provided here only applies to our most recent CHIP Home Income Plan (Contract 32). Refer to your mortgage documents to see which contract you have. If you have an Additional Funds CHIP Home Income Plan, please refer to your mortgage document for calculations.

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 have a fixed interest rate, and you make the payment within 30 days following your interest reset date.
OUR TERMS AND DEFINITIONS
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.
Interest Reset Date is the date on which your interest rate is reset. There is no interest reset date on a variable mortgage, as a variable interest rate can change at any time.

 
Payment is being made after how many years since the initial advance? 
Amount of funds outstanding (your initial advance plus any advances you took at a later date minus any repayments of funds you have made) ($) 
Have you made a repayment of funds in the last 12 months? 
Variable Interest Rate
Funds being repaid if you have a variable interest rate ($) 
Current interest rate for your variable interest rate CHIP Home Income Plan (%) 
Fixed Interest Rate
Funds being repaid if you have a fixed interest rate ($) 
Current interest rate for your fixed interest rate CHIP Home Income Plan (only if making a payment after year 3) (%) 
Number of months' until your next interest rate reset (this information is needed only if making a payment after year 3) 
Comparison rate for a new CHIP Home Income Plan with same term, excluding current month* (only if making a payment after year 3) (%) 
You can find the current rate for a CHIP Home Income Plan with the same number of months remaining until the next interest reset date as for your CHIP Home Income Plan, 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 CHIP Home Income Plan, excluding the current month: Interest rate option used to determine the rate for a CHIP Home Income Plan 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.

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