Tips to save on interest and repay your loan quickly

Choose to make weekly payments and pay an extra amount every week. In the long run, you'll enjoy significant savings and reduce your amortization period.

Example of a $100,000 loan (20 years, 5-year term at 6%)

Payment schedule	Repayment amount	Amortization in years	Interest cost
Monthly	$712.19	20	$70,925.69
Weekly	$163.48	20	$70,603.06
Accelerated weekly (monthly divided by 4)	$178.00	17.2	$59,149.88

Conclusion: by choosing weekly accelerated payments instead of monthly payments, you reduce your amortization period by 2.8 years and save $11,775.811.

Increase your regular payments up to double the initial payment, once a year (or once a term if the term is less than a year).

If possible, repay up to 15% of the initial amount borrowed every year (or once a term if the term is less than a year).

Have your mortgage payment fall on the day your paycheque is deposited to your account. An easy way to manage your budget.