How to Pay Down your
Mortgage Faster
Payment Options | How it works | How you benefit over the life of the mortgage |
Increase your Payment amounts | Increase your payments by even a few dollars and pay down your principal faster | Increase your payments by $100 nSave about $33,000 nOwn your home 5 years sooner |
Make Payments more frequently | Save money in Interest charges and pay down your principal faster | Make bi-weekly payments of $500 instead of monthly payments of $1005 nSave about $29,000 nOwn your home 4 years sooner |
Make a lump-sum payment | Apply your payment directly to your outstanding principal and save money on your mortgage | Make a $2500 lump sum payment every year nSave about $47,000 nOwn your home 6 years sooner |
Pay as much as you want at renewal | All mortgages become open at renewal. This means you can pay down as much as you want at renewal | Make a $15,000 payment each time you renew your mortgage nSave about $49,000 nOwn your home almost 8 years sooner |
