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The benefits of accelerated mortgage payments

Mortgages are a necessary evil.  We love them because it allows us to purchase the house of our dreams.  But it can seem like a curse because it is a very large debt that stays with us for many, many years.

Well, you can reduce the pain by using accelerated mortgage payments.  With a
Canadian mortgage loan, the standard procedure is that you make monthly payments.  But with most mortgages, you also have the option of making payments on a weekly or bi-weekly basis.  This option may be desirable for two reasons.  The first is it can save you money, as you can expect to pay off your Canadian mortgage loans about 4 years sooner...(article continues below)

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Let's use a simple example.  If you have a $100,000 mortgage @ 5%, your normal monthly payment would be $582 (which is $6980/yr).  Over the course of a 25 year amortized mortgage, you will have paid $174,500.  If you cut your monthly mortgage payment in half ($291) and paid it every 2 weeks (26 times a year), you would decrease your amortization time from 25 years to 21 years, and save yourself over $12,000 in interest payments.

And that is on a simple example of $100,000 mortgage.  Imagine if it were a $400,000 mortgage.  You would be saving yourself almost $50,000.

 

The other reason why these options are so popular is that if you are paid by your employer on a weekly or bi-weekly basis, you can simplify your mortgage budgeting by making the payment line up with the way you are paid.


Other ways of paying off your mortgage more quickly is to

 

1) Reduce your amortization period.  If you reduce the payoff period from 25 years to 20 years, you will obviously pay off your mortgage 5 years faster and save a ton in interest payments.  Of course, the negative is that your monthly mortgage payments will rise substantially, and this may cause a strain of your household budget.

 

2) A second option is simply to increase the size of your mortgage payments.  The larger the payment, the more of that payment goes towards retiring the principal.

 

3) A third way is by exercising an annual payment option.  Most conventional mortgages contain a clause that says you may make a once a year, one-time payment of up to 20% of the principal.  So if you have an annual company bonus, or get a small inheritance, it might be wise to pay down your mortgage and drastically reduce the principal.

 

All of the methods above will help you become mortgage free faster and save you 1000's of dollars.
 

All Applications are FREE and there is NO OBLIGATION to borrow

 

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