Breaking mortgage penalty vs new mortgage effective interest rate

[Daniel Sanniti]

Hi folks,

Does anyone have a spreadsheet on comparing a current mortgage vs breaking said mortgage and taking on a new mortgage with a much lower rate?

I would like to determine the savings, break even point etc etc. I have a mortgage that will cost me $30,000 to break but I can switch to another mortgage that is 1.5% lower rate and is variable (can break anytime = freedom). Looking for a spreadsheet that compares these two types of mortgages and can show the effective interest rate and how much you would come out on top.

Does this exist?