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Lump Sum Payment
With "20+20" 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.
The First "20": Increase Your Mortgage Payments
Increase your mortgage payment (principal and interest) by up to 20% over the current payment. This option can be exercised once each calendar year, at any time, without charge. *
The Second "20": Make Lump Sum Payments
Prepay up to 20% of the original mortgage principal each calendar year. * This option can be exercised in minimum amounts of $100 without charge, some conditions apply.
Find out how much you can save with the "20+20" Prepayment Calculator.
For more information, call 1 800 665-9665, or visit the nearest BMO Bank of Montreal branch.
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