How much are mortgage break fees?

A mortgage break fee is a charge for repaying a fixed-rate mortgage before its term ends. The cost is calculated by your lender and depends on factors like your loan amount, remaining term, and interest rate changes.

While fees can be high, refinancing may still be worthwhile if the savings outweigh the costs. To avoid fees, consider floating rates, making allowed extra payments within your bank's limits, or waiting until your fixed term expires before making changes.