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Mortgage Prepayments
Increase Payments
Increase your mortgage payment once each year up to:
  • 10% over the current payment if you have a Low Rate Fixed Closed mortgage; or
  • 20% over the current payment if you have any other kind of closed mortgage.

    Lump Sum Payment
    Prepay each year in minimum amounts of $100:
  • 10% of the original mortgage principal if you have a Low Rate Fixed Closed mortgage; or
  • 20% of the original mortgage principal, if you have any other kind of closed mortgage.

    Try different scenarios and see which is best for you.
  • How to use it...
    1. Complete the info about YOUR SITUATION.
    2. Fill out the information for either either “Increase Payments” or “Lump Sum Prepayments".
    3. Click the Calculator button for the option you want to test.
    4. To try again with different numbers, type over your old numbers, or click CLEAR.
    Your Situation...
    Mortgage Amount
    Mortgage Amount Outstanding
    Mortgage Payment
    Interest Rate %
    Payment Frequency
    Increase Payments
    Percentage Increase
    %
    Every Year?
    Calculate
    Lump Sum Prepayment
    Lump Sum Prepayment
    Prepayment Frequency
    Calculate
    Definitions  

     

    More Interactive Worksheets:Click on any of the worksheets to carry over your results.
    Mortgage Prepayments How Much Home Can I Afford What Will My Payments Be?
    Mortgage Protection Rent vs. Own