Rounding up your mortgage payment - even by a modest amount - can accelerate your payoff timeline and significantly reduce interest costs.

💡 Example:

Original Payment: C$734 → Increased to C$800

Interest Saved: Over C$48,000

Time Saved: Roughly 7.5 years off your mortgage

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Rather than spending your tax refund, consider applying it directly to your mortgage principal. Even a single lump-sum payment can yield long-term savings and shorten your loan term.

💡 Example:

On a C$100,000 mortgage, a C$1,000 prepayment could:

Interest Saved: Over C$8,600

Time Saved: Approximately 1 year and 1 month off your mortgage

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If your budget allows, selecting a shorter loan term is one of the most powerful ways to minimize interest and build equity faster.

💡 Example:

On a C$100,000 mortgage at 8% interest:

1. 30-Year Loan: Pays nearly double the loan amount in interest
2. 
   
3. 15-Year Loan: Monthly payments are about C$200 higher
4. 
   
5. Total Savings: Over C$92,000 in interest over the life of the loan