What if I Pay More Every Month?

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Financial Analysis (Switch to Plain English)

	Standard	Additional Payment
Monthly Payment :	$1,334.23	$1,384.23
Total Monthly Payments :	$480,316.13	$459,357.78
Interest Savings :	$20,958.35
Length :	30 Yrs 0 Mts	27 Yrs 8 Mts
Time Saved :	2 Yrs 4 Mts

Results: In Plain English (Switch to Financial Analysis)

When it comes to a home mortgage loan, you can actually pay off the loan much more quickly and save a great deal of money by simply paying a little extra each month. If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, your monthly payment (interest and principal only) will be $1,334.23. By the time the 30 year time period is complete, you will have paid $480,316.13 for your home. If you pay just $50.00 more each month, you will pay only $459,357.78 toward your home. This is a savings of $20,958.35. In addition, you will get the loan paid off 2 Years 4 Months sooner than if you paid only your regular monthly payment.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult a Mortgages Canada representative for more information.

What if I Pay More Every Month?

Rates updated on February 4, 2012