CMBS Yield Maintenance Calculator

How the estimate works

Enter the principal you are prepaying, your note rate, the months left in the yield maintenance period, and the discount rate your loan documents name. The tool values the interest the trust gives up each month, discounts it back to today, then tests that figure against the floor.

Your loan documents set the floor. One representative conduit term makes the charge the greater of the computed premium or 1.0% of the principal prepaid (BENCHMARK 2022-B35 Mortgage Trust, SEC Form 424B2 filed May 12, 2022). That 1.00% is the default above. When the discount rate sits above your note rate, the floor is what you pay. When it sits below, the premium climbs past the floor, faster the more months are left in the period.

A $10,000,000 conduit loan at 5.50%, with 60 months left in its yield maintenance period, discounted at 4.00%:

10,000,000 x (5.50% - 4.00%) / 12 = $12,500 of monthly interest shortfall

12,500 a month for 60 months, discounted at 4.00%, is worth $678,738 today, against a 1% floor of $100,000

The charge is $678,738, or 6.79% of the balance.

What the tool cannot know

No published standard sets the discount rate for conduit yield maintenance. That rate, the date it is measured, and the date the yield maintenance period ends all come out of your own loan documents, which is why the tool asks for them instead of assuming them.

Some conduit loans do not permit this exit at all and require defeasance instead. The CMBS defeasance calculator prices that route, and the two numbers are worth seeing side by side before you commit to a sale date or a refinance date.

Estimates only. This is not a payoff quote; your loan documents and the servicer’s payoff statement control. If you want both exits run against live pricing, the desk will do it. Get a quote or call (561) 556-2121.