Mortgage Rates
What you may not realize is just how big a dent you can put in your mortgage by making prepayments. Our Mortgage Payoff Calculator shows you how.
In fact, making larger regular payments, extra prepayments or larger prepayments (especially early on) can add up to significant interest savings over the life of the mortgage, leaving more money available for RRSPs and other investments, as well as changing lifestyle needs.
With our Mortgage Payoff Calculator you'll quickly see how making prepayments can shorten the length of your mortgage. You can run the numbers for many different types of mortgage prepayments: weekly, bi-weekly, semi-monthly, monthly, yearly, and one-time.
View the results in a graph or in a customized report that details interest paid, principal paid and the mortgage balance for each year of the loan – for both a regular payment schedule and a schedule including prepayments. You'll quickly see the impact that prepayments can make when it comes to becoming mortgage free sooner.
Why should you spend hard-earned money when you do not have to? If you can afford to increase your monthly mortgage payment, without putting any financial strain on you or your loved ones, you can save thousands of dollars in interest over the term of your mortgage.
Turn to an Invis mortgage broker to discuss ways that you can pay off your mortgage sooner. He or she can also advise you on any prepayment privileges and penalties that your mortgage may have – an important consideration in mortgage planning.
