What does it cost to break my mortgage when I sell?
By Natalia Halenda, Sales Representative, RE/MAX Jazz Inc., Brokerage. Updated
The short answer
A closed mortgage usually carries a prepayment penalty, which can run to thousands of dollars. Ask your lender for a payout statement before you list, and ask whether you can move the mortgage to your next home instead.
From the guide: What does it cost to sell a home in Durham Region in 2026?
More questions from this guide
General information, not legal, tax or mortgage advice. Rates, prices and rebate rules change often. Confirm the details with your real estate lawyer and a licensed mortgage professional before you make a decision.