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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1.5 years ago i bought a condo and i have got a 5 year contract of house loan. 1-if i sell now and do not buy another condo or house anymore, how much penalty i might pay (my total loan is about 150k). 2-will i lose the chance of getting a house loan later on? (i live in canada)

Not sure about Canada but it should be the same as the USA. The bank should either take you off and put him on or he will have a bank that will loan him the money. You hopefully have escrow offices and they will handle all of the paperwork and swapping and switching. The title office or the escrow office will clear the title and pass it to him from you after they are sure you are paid. It's fairly effortless, but costs about $5,000, give or take. (US prices) Check to see if your loan has a pre-payment penalty. Many do not. If not, it will swap effortlessly. If so, you might be able to put the other person on your loan and have him take out a loan to pay off your equity, or take out a second, or have your bank raise the amount to accomodate him, if his credit is stellar. Ask your mortgage bank for more info if you have questions. They should be able to help you most accurately. :-) Peace y'all