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Mortgage Repayment

Optimize your payments


Opting for accelerated repayment means increasing the frequency or amount of your payments before the end of your term so you can pay down your mortgage loan faster.

Perfect if you are looking to:

  • Use any extra cash to pay down your balance
  • Save on interest
  • Reduce your amortization period

3 ways to accelerate repayment

Increase payment frequency

Increase your payment frequency

When you switch from monthly payments to weekly or bi-weekly payments, you'll pay back your borrowed principal faster. This means you'll pay less interest overall.

Want to see how much you could save by upping your payment frequency?1 Find out now!

Increase your payment frequency
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Make additional payments

On each of your payment dates, you have the option of making an additional principal payment. The amount must be no more than your regular payment (counting principal and interest).

Young man sitting on a sofa in a cafe looks at a tablet
Young man sitting on a sofa in a cafe looks at a tablet
Young man sitting on a sofa in a cafe looks at a tablet
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Make a mortgage prepayment

If you have a closed loan, you won't be permitted to pay it off before expiry unless you pay the Bank a prepayment charge. Our penalty calculator will help you figure out how much it would cost if you prepay all or part of your fixed- or variable-rate loan.

Remember that at any time during each calendar year,2 you can pay off up to 10% of your borrowed principal.3 You can choose to make a single, one-time payment or several payments over the year. This will help you significantly reduce your total loan duration.

Calculate my prepayment charge
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When your term expires, you can pay off as much of your mortgage as you'd like before you renew your loan.

Little details that matter

Situations where fees apply

You'll have to pay a mortgage prepayment charge if you:

  • Refinance your mortgage before the end of the term
  • Renegotiate the terms and conditions of your mortgage before the end of the term
  • Prepay more than 10% of the principal amount in a yearPrepay your mortgage in full before the end of the term
  • Transfer your mortgage loan to another financial institution

Applicable fees by loan type

Loan type Prepayment charge

Fixed-rate mortgage loan

The higher of:

  • 3 months' interest or
  • 1 month's interest (max. $500) plus the rate differential

Variable-rate mortgage loan

3 months' interest

Legal disclaimers

1. As of the second request to change payment frequency, fees may apply.

2. Accrued interest will be calculated if the payment(s) is(are) not made on the scheduled payment date.

3. Certain restrictions apply. Please consult your loan contract.

Understanding mortgage payments

Ready to pay off your mortgage faster?

Meet with an advisor to work out the best approach.

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