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How do i figure out the penalty if i sell my house if i have 4 years left

 
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How do i figure out the penalty if i sell my house if i have 4 years left? Heidi
0     In Mortgage Cont.06

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    Q. What is the penalty if i sell my house before the 5 years is up in canada?


    There are two possible ways in calculating penalties; first possible way:3 month penalty=OSB *(rate/12)*3 second possible way:OSB*remaing number of months to term *(rate differential) OSB=outstanding balance rate differential=Posted rate - rate you are paying on mortgage. Depending on lender you are using, penalty is specified in the commitment letter and mortgage docs you signed at the lawyer`s office .In case you do not have it, you can call them and they will tell exactly how much it will cost you.

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