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How to pay off your mortgage faster

A few tips to speed up your mortgage payoff.

  • Increase your payment frequency to weekly or every two weeks.
  • Make the equivalent of an extra mortgage payment per year by opting for accelerated weekly payments and shorten the amortization period. Simply divide your monthly payment by four.
  • Put the tax return you get for making an RRSP contribution toward reducing your mortgage balance.
  • Continue making the same payment amount even if interest rates go down. You'll pay down the principal faster.
  • Use any member dividends you get from your caisse to make principal payments.
  • Increase the principal portion of your payment to twice the amount.
  • Round up your payments (e.g.:$900 instead of $886.13.)

Interest rates

Mortgage loan
As of November 22, 2009 Available in RSS format
Term
Rate
"5-in-1" Yearly Fixed-Rate Resetter Mortgage Loan
3.00%
5 years (Closed fixed)
5.59%
Reduced variable rate
2.25%
Other rates – Mortgage loan

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