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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.
- 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.
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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.
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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