Scotiabank mortgage calculator
Estimate the payment on a Scotiabank mortgage at the rate on your quote, then check Scotia's own published rules for prepaying, porting and breaking the mortgage. Independent tool — not affiliated with Scotia.
Your scenario
Result
The starting rate of 4.84% is illustrative, not a Scotia rate — enter the rate on your own quote. Mortgage360 is an independent platform, NOT affiliated with Scotiabank.
Rules checked: September 2026. Sources: Scotiabank: prepayments and charges · Scotiabank: mortgage prepayment charges (PDF)
About Scotiabank
Scotiabank is one of Canada's Big Five banks. Its prepayment privileges vary by product rather than being one standard allowance.
Scotia prepayment privileges
Depending on the product, Scotiabank allows an annual lump sum of 10%, 15% or 20% of the original principal and a matching payment increase of 10%, 15% or 20%. Its most popular option is 15% plus 15%. Model what a lump sum does to your amortization in the prepayment savings calculator.
Porting a Scotia mortgage
Scotiabank mortgages are portable and you may be able to keep the same interest rate, subject to the product and residential lending standards.
How Scotia calculates the penalty to break
Variable: three months' interest at the current variable rate. Fixed: the higher of three months' interest or an IRD based on the posted rate for a new fixed closed term closest to your remaining term, less any rate discount you received. On a term longer than five years, prepaying after year five costs at most three months' interest. Estimate the difference between the two methods in the mortgage penalty calculator.
What that means for you
Because Scotiabank's privileges depend on the product, confirm which of the 10%, 15% or 20% options your commitment letter actually gives you — the difference matters if you expect bonuses or an inheritance.
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
- BMO Bank of Montreal mortgage calculator
- CIBC mortgage calculator
- National Bank of Canada mortgage calculator
- First National Financial mortgage calculator
- MCAP mortgage calculator
- Merix Financial mortgage calculator
- Manulife Bank mortgage calculator
- Desjardins mortgage calculator
Renewing or refinancing with Scotia?
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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