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Lump Sum Payment
With Mortgage Prepayment Privileges, you can save thousands of dollars in interest costs by making small increases in your mortgage payments and prepaying some of the principal.
Increase Your Mortgage Payments (principal and interest)
Increase your mortgage payment (principal and interest) by up to 20% over the current payment , or 10% for a Low-Rate Fixed Closed Mortgage, once per calendar year without added without charge. *
Make Lump Sum Payments
In addition to increasing your mortgage payments, you may prepay in $100 increments each year without added charge, up to:
- 10% of the original mortgage amount for a Low-Rate Fixed Closed Mortgage; or
- 20% of the original mortgage amount, for any other kind of closed mortgage;
- Some conditions apply
Find out how much you can save with the Mortgage Prepayment Calculator.
For more information, call 1-800-665-9665, or visit the nearest BMO Bank of Montreal branch.
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