How Long Will it Take to Pay Off My Mortgage? | Finder Canada

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How long will it take to pay off my mortgage?

See how a few smart decisions could help you pay off your house faster.

Small changes can help you shave years off the length of your mortgage. Use our calculator to find out how quickly you can pay off your mortgage – and own your home faster – by making extra payments.

Calculator fields

  • Loan amount. This refers to how much you owe on your mortgage or plan to borrow from a lender.
  • Interest rate. You can find the rate you’re currently paying on your mortgage statement or by looking at current rates offered by specific providers.
  • Repayments. These are the payments you make towards your mortgage to pay if off.
  • Repayment frequency. This refers to how often you’ll make payments. You can choose weekly, bi-weekly or monthly installments depending on your pay structure, loan terms and personal preference.

Ready for a mortgage? Compare lenders below

Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability Other loans offered
Homewise Mortgages
Not available in Quebec
First mortgage, Second mortgage, HELOC, Bridge mortgage
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
Tangerine Mortgages
5 Year Fixed Rate
All of Canada
First mortgage, HELOC, Refinancing
Get competitive rates and make annual lump sum prepayments up to 25% of your original mortgage amount with a Tangerine mortgage.
Breezeful Mortgages
5 Year Fixed Rate
All of Canada
First mortgage, Second mortgage, HELOC, Reverse mortgage, Rent to own
Breezeful is a 100% online mortgage broker that connects borrowers to competitive rate offers from over 30+ banks and mortgage lenders.
intelliMortgage Mortgages
5 Year Fixed Rate
First mortgage, HELOC
intelliMortgage is an online mortgage broker that works with over 100+ banks and mortgage lenders across Canada.
Loans Canada Mortgages
5 Year Fixed Rate
All of Canada
First mortgage, Second mortgage, HELOC, Refinancing, Bridge mortgage
Loans Canada connects borrowers with a mortgage broker in their area. Bad credit, EI and CERB applicants are considered.

Compare up to 4 providers

Tips to pay off your mortgage faster

  • Make payments more often. Make weekly or bi-weekly payments instead of monthly payments. Because there are a little over four weeks in a month, you’ll end up make two extra payments a year by making bi-weekly payments.
  • Choose accelerated payments. Avoid paying so much interest and pay off your mortgage faster by choosing accelerated payments. You can pay slightly more than a regular weekly or bi-weekly payment by choosing the accelerated option.
  • Repay more when you have unexpected funds. Consider dumping your tax refunds, work bonuses or dividends from any other investments onto your mortgage – this can also help you cut down the interest payable. But watch out for early repayment fees.
  • Increase your payments when interest rates are low. If you have a variable interest rate, keep making the same (or higher) monthly payments when your interest rate goes down — the difference will go directly to your principal balance.
  • Consider refinancing. Your mortgage rate may not be the most competitive product on the market anymore. Consider refinancing to a mortgage with a lower interest rate.

Bottom line

Paying extra on your mortgage can help you cut down the length of your loan and save money on interest. If your interest rate is currently so high that you can barely afford your monthly payments, consider refinancing to a new, more competitive mortgage.

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