Big-bank profile · National Bank of Canada
National Bank mortgages: rates, prepayment, penalties and HELOC
Short answer: National Bank’s 5-year fixed special was 5.14% (posted 6.14%) on November 2, 2026. Closed mortgages allow lump sums of 10% a year. Breaking a fixed term costs the higher of 3 months’ interest or 1 month’s interest (max $500) plus a differential interpolated between its posted terms.
National Bank publishes fixed terms from three months to ten years, a 5-year variable at prime, and the All-In-One account, which combines a mortgage, a line of credit and day-to-day banking. Its penalty wording differs from the other five.
Bank pages checked November 2, 2026 · Independent guide, not affiliated with National Bank.
Mortgage products
- Fixed closed terms posted from 3 months to 10 years (including 6-, 7- and 10-year); open terms of 6 months and 1 year. Variable: a 60-month variable at Prime + 0.00%, adjusted monthly. [National Bank, checked Nov 2, 2026]
- Pre-approval protects the rate for 120 days. [National Bank, checked Nov 2, 2026]
- All-In-One: mortgage financing, line of credit and transaction account under one limit, with a fixed fee of $7 per month per account and unlimited transactions. [National Bank, checked Oct 31, 2026]
Posted and special rates
| Term | Rate | Type |
|---|---|---|
| 5-year fixed (closed) | 6.14% | Posted |
| 5-year fixed | 5.14% | Special / advertised |
| 5-year fixed, high ratio | 4.69% | Special / advertised |
| 3-year fixed (closed) | 6.09% | Posted |
| 1-year fixed (closed) | 5.49% | Posted |
| 5-year variable, Prime − 0.35% | 4.35% | Special / advertised |
| Variable (60-month), Prime + 0.00% | 4.70% | Posted |
National Bank showed Prime = 4.7%. [National Bank, checked Nov 2, 2026]
Posted rates are the bank’s list rates; most borrowers are offered a discount from them. The posted rate still matters after you sign, because the big banks use it in the IRD penalty. Read posted vs special rates, and score any quote on IsThisAGoodRate.ca.
Prepayment privileges
- During the same calendar year, repay up to 10% of the principal amount borrowed without fees, in one or more payments. [National Bank, checked Oct 31, 2026]
- On each payment date you can make an additional payment equal to or less than your regular payment (principal and interest). [National Bank, checked Oct 31, 2026]
Prepayment penalty
- Fixed rate: the higher of 3 months of interest or 1 month of interest (max. $500) plus the interest differential. [National Bank, checked Oct 31, 2026]
- Variable rate: 3 months of interest. [National Bank, checked Oct 31, 2026]
- National Bank’s guide defines the interest differential as the difference between the posted rate at the start of your term and its current standard rate for the remaining term; when no rate exists for that exact term, it interpolates linearly between the two nearest published terms. The 3 months’ interest and the 1 month’s interest are both at the posted rate. [National Bank, checked Nov 2, 2026]
- Mortgages from the former Canadian Western Bank have their own calculator: the IRD uses the current posted rate for the closest term, including your original discount, and a 20% annual lump-sum privilege. [National Bank, checked Nov 2, 2026]
National Bank penalty calculator (uses National Bank’s posted rates) · National Bank’s own penalty page ↗
Worked example: what breaking a National Bank mortgage would cost
A $500,000 5-year fixed at 5.29%, 25-year amortization, signed when National Bank’s posted 5-year rate was 6.89% (a 1.60-point discount). Priced with National Bank’s own posted table (November 2, 2026) and the rule it publishes, the cost to break falls like this as the term runs down:
| Months left | Balance | National Bank compares with | Rate after discount | 3 months’ interest | Estimated penalty |
|---|---|---|---|---|---|
| 54 | $495,082 | 4- and 5-yr rates, interpolated for 54 months | 4.50% | $8,528 | $18,212 |
| 42 | $484,851 | 3- and 4-yr rates, interpolated for 42 months | 4.47% | $8,352 | $14,415 |
| 30 | $474,072 | 2- and 3-yr rates, interpolated for 30 months | 4.07% | $8,166 | $15,018 |
| 18 | $462,715 | 1- and 2-yr rates, interpolated for 18 months | 3.77% | $7,970 | $11,085 |
| 6 | $450,750 | 1-yr rate | 3.89% | $7,764 | $7,764 |
With 30 months left, National Bank would charge about $15,018, number 5 of six from cheapest for this mortgage (RBC $7,585, CIBC $19,555). If National Bank’s posted rates fell a point before you broke, it would rise to $26,870. Using the largest lump-sum privilege National Bank states (10% of the original amount) first ($50,000) would bring it to $13,487.
An estimate from this site’s engine, simple interest over the months left; National Bank’s written payout figure governs. Price your own National Bank mortgage.
Portability
- National Bank’s prepayment guide describes a Rollover Mortgage: the balance, rate and remaining term move to a new National Bank mortgage taken out to buy a new property, which “enables you to recover the prepayment charges”. You pay the charge at the sale and recover it when the new loan is disbursed; the options are subject to change. [National Bank, checked Nov 2, 2026]
HELOC and readvanceable: National Bank All-In-One
- The line-of-credit portion can finance up to 65% of the property’s value; with a mortgage, re-borrow repaid or unused principal up to 80% of the home’s value. [National Bank, checked Oct 31, 2026]
- National Bank’s example: with 20% down and a line covering 65% of the price, the loan portion finances the remaining 15%, and that repaid principal cannot be re-accessed. [National Bank, checked Oct 31, 2026]
Renewal
- Renew early up to 4 months before the end of your term with no penalty, or protect your rate from 6 months before the end of the term. [National Bank, checked Oct 31, 2026]
Other features worth knowing
- Cash-back offers must be partly repaid, pro rata, if the mortgage is prepaid, renegotiated, refinanced or transferred before the term ends. [National Bank, checked Oct 31, 2026]
National Bank’s 10% annual lump sum matches RBC’s as the lowest here, but the extra payment on every payment date adds room. Its formula is the only one that interpolates between terms and adds up to $500, so its penalty moves smoothly month by month instead of jumping when the comparison term changes. National Bank completed its acquisition of Canadian Western Bank in 2025; see CanadianBanks.ca for the institution details.
Official National Bank pages
- National Bank mortgage rates
- National Bank: pay off your mortgage faster (prepayment charges)
- National Bank All-In-One
- Institution profile (regulator, deposit insurance): National Bank on CanadianBanks.ca
National Bank mortgage questions
How is National Bank’s fixed-rate penalty different?
Its guide sets the charge at the higher of 3 months’ interest at the posted rate, or 1 month’s interest at the posted rate (maximum $500) plus the interest differential: the posted rate at the start of your term minus its current standard rate for the remaining term, interpolated between published terms. The other big banks use the closest published term instead of interpolating.
What does the All-In-One cost?
National Bank lists a fixed fee of $7 per month per account, with unlimited transactions, for accounts integrated into the All-In-One.
Sources
- Mortgage rates — National Bank, checked Nov 2, 2026
- Pay off your mortgage faster (prepayment and charges) — National Bank, checked Oct 31, 2026
- All-In-One — National Bank, checked Oct 31, 2026
- Mortgage prepayment and prepayment charges guide (PDF) — National Bank, checked Nov 2, 2026
- CWB mortgage prepayment calculator (former Canadian Western Bank mortgages) — National Bank, checked Nov 2, 2026
- Mortgage renewal — National Bank, checked Oct 31, 2026
Educational information only, not financial, legal or tax advice. BankMortgages.ca is independent and is not affiliated with, endorsed by or paid by any bank named on this site. Bank terms change: confirm every rate and term with the lender and the official sources linked on each page before you act. Read the full disclaimer.
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Last checked November 2, 2026. Spot something out of date? Tell us at hello@mitey.ca.
