You need to read up the terms of a fixed closed mortgage. And no, the standard is not the 3 month interest, that's a myth. It's the higher of 3 month interest or IRD, and based on that, the IRD will almost always be the higher penalty.IndustrialKid wrote: ↑ This is wrong. You pay the lender mortgage interest when the lender lends you money. You don't need to pay any interest as soon as you pay him back. It's like saying a credit card company can continue charging you interest even if you paid off the balance in full. Of course there would be transactional and opportunity costs suffered by the lender, that's why the standard is 3-month interest for ending a mortgage early. But you should never be liable for interest on money that you haven't borrowed or have returned.
http://www.integratedmortgageplanners.c ... than-ever/