Sheri  Smith

Sheri Smith

Sales Representative

iPro Realty Ltd., Brokerage

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5 Ways to Pay Your Mortgage Off Faster #1

My next 5 blogs will show you how you can pay your mortgage off quicker.

# 1. Accelerated Bi-Weekly Payments

What this means is: instead of paying your mortgage on a monthly basis, 12 times a year, you pay your mortgage every 2 weeks. This gives you a total of 26 payments a year. 

Heres an example how this can help you pay off your mortgage faster.

A $300,000 mortgage paid on a monthly basis with a 3 per cent interest rate over 25 years will cost you $125,920.44 in interest. If you increase your payment frequency to accelerated bi-weekly payments, you will shave nearly three years off of your amortization schedule, and save $16,058.57 in interest.


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