Updated October 28, 2016. Exterior walls can be finished with a wide array of materials and techniques. Exterior wall finishes can produce significant savings for the contractor as well as for the building occupant and there are many options that will protect you from fire, heat, snow and that can save some money to you.
When Is Penalty Interest Payable? Penalty interest is payable when money is due, but is not paid by the due date. This means that late payment of deposit or late payment of the balance of the purchase price at settlement will usually give rise to an obligation to pay penalty interest.
You have 3 years remaining on the term. A new loan for the same 5 year term is now @ 6.5% interest. Your mortgage penalty in this case under the 3 months interest or interest differential, should be the 3 month interest penalty, but please check to make sure. This penalty should be approximately $2,654.00.