First National Financial mortgage calculator
Estimate the payment on a First National Financial mortgage at the rate on your quote, then check First National's own published rules for prepaying, porting and breaking the mortgage. Independent tool — not affiliated with First National.
Your scenario
Result
The starting rate of 4.84% is illustrative, not a First National rate — enter the rate on your own quote. Mortgage360 is an independent platform, NOT affiliated with First National Financial.
Rules checked: September 2026. Sources: First National: paying down faster · First National: prepaying without a charge
About First National Financial
First National describes itself as one of Canada's largest non-bank mortgage lenders.
First National prepayment privileges
You can prepay up to 15% of the original loan amount each year on any regular payment date (minimum $100), and increase a fixed-rate mortgage's payment by up to 15% once a year. Double-up payments are also available. Model what a lump sum does to your amortization in the prepayment savings calculator.
Porting a First National mortgage
If you qualify to port, no prepayment charge applies and your existing rate and terms move with you. First National mortgages can also be assumed by a qualified buyer.
How First National calculates the penalty to break
First National explains that its IRD depends on posted rates and the time left in your term. We could not confirm from its residential pages exactly which rate it compares against, so ask for a written penalty quote. Estimate the difference between the two methods in the mortgage penalty calculator.
What that means for you
Its porting and assumability terms are clearly stated, which matters if you expect to sell before the term ends — a buyer taking over your mortgage is one way to avoid a penalty entirely.
How this calculator works
Canadian fixed-rate mortgages state their rate compounded semi-annually, not in advance — the convention that follows from section 6 of the federal Interest Act. The calculator converts the rate you enter into the equivalent rate for your payment frequency, so monthly, bi-weekly and weekly results stay consistent. Accelerated bi-weekly pays half the monthly amount every two weeks, which adds the equivalent of one extra monthly payment a year.
Sources
Checked September 2026. Lenders change their terms; your commitment letter is what binds you.
Compare with other lenders
Prepayment and penalty rules differ more between lenders than rates do. Compare the published terms of other Canadian lenders:
- TD Canada Trust mortgage calculator
- RBC Royal Bank mortgage calculator
- Scotiabank mortgage calculator
- BMO Bank of Montreal mortgage calculator
- CIBC mortgage calculator
- National Bank of Canada mortgage calculator
- MCAP mortgage calculator
- Merix Financial mortgage calculator
- Manulife Bank mortgage calculator
- Desjardins mortgage calculator
Renewing or refinancing with First National?
A renewal offer is usually negotiable, and since November 2024 a straight switch to another lender at renewal no longer requires passing the stress test again. Put the offer against a competing quote in the renewal comparison calculator.
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