Pay Off your mortgage faster
Looking to pay down your mortgage before the term ends?
You have four options:
- Increase your payment frequency
- Make a mortgage prepayment
- Make additional payments
- Increase your payment amount
Increase your payment frequency
You can increase the frequency of your payments by switching from monthly to biweekly or weekly payments.
More of your money will be applied against the mortgage principal and you'll be able to pay off your loan sooner.
Use our online calculator to find out how much you can save by increasing your payment frequency.
Make a mortgage prepayment
With a closed-term mortgage, you can prepay up to a maximum of 10% of the principal amount1 each year2, at any time.
You can choose to make a single, one-time prepayment or make several payments over the year.
Make additional payments
On each payment date, you can make an additional payment on principal, up to 100% of your regular monthly payment (principal and interest).
Increase your payment amount
You can increase your mortgage payments by up to 100% of the regular payment amount once per calendar year. The new amount then applies for the remainder of the term.
When your term expires, you can set your mortgage payments to any amount you want, as long as you don’t go over your remaining amortization period.
1Certain restrictions apply. Please refer to your mortgage loan agreement.
2Current interest will be calculated if the payment(s) is(are) not made on the scheduled payment date.