Small changes to how you pay can shave years off your mortgage and save tens of thousands in interest - without a big lifestyle change.
Accelerated payments
Switching from monthly to accelerated bi-weekly payments squeezes in the equivalent of one extra monthly payment per year. That alone can cut years off a 25-year amortization.
Prepayment privileges
Most mortgages let you pay an extra 10% to 20% of the original principal each year, penalty-free. Even occasional lump sums go straight to principal and compound in your favour.
Run the numbers
Our mortgage payoff calculator shows exactly how much time and interest a given extra payment saves on your mortgage.
Have questions about your situation? An advisor can walk you through it.