Can you pay off your mortgage sooner?
Over the course of your loan’s amortization, you will spend hundreds and thousands of dollars on interest. However, by making a small additional monthly payment towards the principal you can drastically accelerate the term of your loan and can greatly save in interest payments.
The Canadian Mortgage App team has added the Extra Payment Calculator to help you determine how quickly you are able to pay off your loan.
Our calculator helps you determine how making an additional payment can change the term of your loan. You have the option to make extra payments by choosing the dollar amount or by the percentage.