Pay down your mortgage faster

You'll be amazed at how much you can save over time by paying a little extra now. Here are some suggestions to help you lessen your debt.

  1. Reduce your amortization period - see the example below.
  2. Increase your monthly payments by up to 10%.
  3. Each year, pay up to 10% of your original mortgage principal.
  4. Double your scheduled payment at any time.
  5. Divide your monthly payment into weekly, bi-weekly or semi-monthly installments.

Whatever you decide, know that we’re here to help you choose the right strategy to save a bundle of money and pay down your mortgage faster than you expected.

You may wish to reduce your amortization period, or the number of years it will take to pay off your mortgage. A shorter amortization period means paying less interest over the life of the mortgage.

 

If you have a $100,000 mortgage at 6.5%,* look at the difference in monthly interest costs for amortization periods of various durations.

Amortization Period Monthly Payment Total Interest Cost*
25 years $670 $100,870
20 years $740 $77,720
15 years $866 $55,949

 

 

 

 

 

*Assumes a constant rate of 6.5%

 

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