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calf · 04-04-2017, 10:29 AM

I have a mortgage up for renewal on a rental property, which if the market ticks up, I'd like to sell (within a year would be great, but realistically I know it could be in 2 or 3). Does the formula for breaking the mortgage change if going from 5 years to 1 year, in order to minimize the break fee?

My 5 year formula is standard I believe (greater of 3 months interest or the interest rate differential calculation).

04-04-2017, 10:29 AM	#1
calf broke the first rule Join Date: Jan 2004 Exp:	Break Fees on a shorter term mortgage I have a mortgage up for renewal on a rental property, which if the market ticks up, I'd like to sell (within a year would be great, but realistically I know it could be in 2 or 3). Does the formula for breaking the mortgage change if going from 5 years to 1 year, in order to minimize the break fee? My 5 year formula is standard I believe (greater of 3 months interest or the interest rate differential calculation).