{"id":11155,"date":"2017-04-03T14:19:27","date_gmt":"2017-04-03T18:19:27","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=11155"},"modified":"2022-08-29T13:02:32","modified_gmt":"2022-08-29T17:02:32","slug":"5-must-know-tips-to-pay-less-on-your-mortgage","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/5-must-know-tips-to-pay-less-on-your-mortgage\/","title":{"rendered":"5 Must-Know Tips to Pay Less On Your Mortgage"},"content":{"rendered":"<p><iframe loading=\"lazy\" src=\"https:\/\/ad.doubleclick.net\/ddm\/trackimpi\/N2713.194872.ZOOCASA.COM\/B11099413.147711878;dc_trk_aid=320481297;dc_trk_cid=81158729;ord=[timestamp];dc_lat=;dc_rdid=;tag_for_child_directed_treatment=?\" width=\"1\" height=\"1\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<div style=\"display: flex; align-items: centre;\"><span style=\"font-weight: bold; margin-right: 7px; position: relative; top: 5px;\">Sponsored by: <\/span><a href=\"https:\/\/ad.doubleclick.net\/ddm\/trackclk\/N2713.194872.ZOOCASA.COM\/B11099413.147711878;dc_trk_aid=320481297;dc_trk_cid=81158729;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11158\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/04\/cibc-logo.png\" alt=\"\" width=\"40\" height=\"40\" data-id=\"11158\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/04\/cibc-logo.png 200w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/04\/cibc-logo-150x150.png 150w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2017\/04\/cibc-logo-75x75.png 75w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/><\/a><\/div>\n<div style=\"display: flex; align-items: center;\"><\/div>\n<div style=\"display: flex; align-items: center;\">Rising levels of household debt have been an increasing concern for Canadians; according to Statistics Canada, the household debt-to-income ratio hit 167.3% in the fourth quarter of 2016 &#8211; the highest it has ever been.<\/div>\n<div style=\"display: flex; align-items: center;\"><\/div>\n<p>When you consider the rapid pace of real estate price growth across the nation (and especially in <a href=\"http:\/\/www.zoocasa.com\/toronto-on-real-estate\">housing markets like Toronto<\/a>), it should come as no surprise that two thirds of the $2 trillion owed by Canadian households is mortgage debt. That\u2019s indicative of the fact that many homeowners are carrying the costs of hefty mortgages. The good news: It <em>is<\/em> possible to reduce your mortgage debt load, plus pay less in interest over time. The secret lies in paying it off at a quicker pace than the traditional monthly payment schedule.<\/p>\n<p>Here are five ways to pay less on your mortgage, and to decrease its overall timeline.<\/p>\n<h2>&nbsp;1:&nbsp;Choose Accelerated Payments<\/h2>\n<p>The default for most homeowners is to make their mortgage payments on a monthly basis. But, should your finances allow, it can be very beneficial to increase the frequency of your payments to twice per month.<\/p>\n<p>For example, let\u2019s say you own a $500,000 home with your partner, and carry a $400,000 mortgage, extended over a 25-year amortization period, and at a <a href=\"https:\/\/www.zoocasa.com\/blog\/fixed-rate-vs-variable-rate-mortgages-which-is-right-for-you\/\">five-year fixed rate<\/a> of 2.39%. With payments made on a monthly basis, you pay $1,770, 12 times per year, for a total of $21,240.<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"94\"><strong>Year<\/strong><\/td>\n<td width=\"94\"><strong>Total paid<\/strong><\/td>\n<td width=\"94\"><strong>Principal paid<\/strong><\/td>\n<td width=\"94\"><strong>Interest paid<\/strong><\/td>\n<td width=\"94\"><strong>Balance<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2018<\/strong><\/td>\n<td width=\"94\">$21,240<\/td>\n<td width=\"94\">$11,856<\/td>\n<td width=\"94\">$9,384<\/td>\n<td width=\"94\">$388,144<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2019<\/strong><\/td>\n<td width=\"94\">$21,240<\/td>\n<td width=\"94\">$12,141<\/td>\n<td width=\"94\">$9,099<\/td>\n<td width=\"94\">$376,002<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2020<\/strong><\/td>\n<td width=\"94\">$21,240<\/td>\n<td width=\"94\">$12,433<\/td>\n<td width=\"94\">$8,807<\/td>\n<td width=\"94\">$363,569<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2021<\/strong><\/td>\n<td width=\"94\">$21,240<\/td>\n<td width=\"94\">$12,732<\/td>\n<td width=\"94\">$8,508<\/td>\n<td width=\"94\">$350,837<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2022<\/strong><\/td>\n<td width=\"94\">$21,240<\/td>\n<td width=\"94\">$13,038<\/td>\n<td width=\"94\">$8,202<\/td>\n<td width=\"94\">$337,799<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>Total (term)<\/strong><\/td>\n<td width=\"94\"><strong>$106,202<\/strong><\/td>\n<td width=\"94\"><strong>$62,201<\/strong><\/td>\n<td width=\"94\"><strong>$44,000<\/strong><\/td>\n<td width=\"94\"><strong>$337,799<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Fast forward five years, and you\u2019ll have paid your mortgage down to $337,799, and will have shelled out a whopping $44,000 in interest payments! In comparison, with an accelerated bi-weekly option, you\u2019ll have made 26 payments of $885, to a total of $23,010 per year.<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"94\"><strong>Year<\/strong><\/td>\n<td width=\"94\"><strong>Total paid<\/strong><\/td>\n<td width=\"94\"><strong>Principal paid<\/strong><\/td>\n<td width=\"94\"><strong>Interest paid<\/strong><\/td>\n<td width=\"94\"><strong>Balance<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2018<\/strong><\/td>\n<td width=\"94\">$23,010<\/td>\n<td width=\"94\">$13,658<\/td>\n<td width=\"94\">$9,352<\/td>\n<td width=\"94\">$386,342<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2019<\/strong><\/td>\n<td width=\"94\">$23,010<\/td>\n<td width=\"94\">$13,986<\/td>\n<td width=\"94\">$9,024<\/td>\n<td width=\"94\">$372,355<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2020<\/strong><\/td>\n<td width=\"94\">$23,010<\/td>\n<td width=\"94\">$14,323<\/td>\n<td width=\"94\">$8,688<\/td>\n<td width=\"94\">$358,033<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2021<\/strong><\/td>\n<td width=\"94\">$23,010<\/td>\n<td width=\"94\">$14,677<\/td>\n<td width=\"94\">$8,343<\/td>\n<td width=\"94\">$343,366<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>2022<\/strong><\/td>\n<td width=\"94\">$23,010<\/td>\n<td width=\"94\">$15,020<\/td>\n<td width=\"94\">$7,991<\/td>\n<td width=\"94\">$328,346<\/td>\n<\/tr>\n<tr>\n<td width=\"94\"><strong>Total (term)<\/strong><\/td>\n<td width=\"94\"><strong>$115,052<\/strong><\/td>\n<td width=\"94\"><strong>$71,654<\/strong><\/td>\n<td width=\"94\"><strong>$43,397<\/strong><\/td>\n<td width=\"94\"><strong>$328,346<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>The real beauty of accelerated payments is the speed at which they put a dent&nbsp;in&nbsp;your mortgage principal. With this option, your balance would be $328,346. That\u2019s a difference of $9,453, and two years off your total amortization.<\/p>\n<p><strong>Related Read: <a href=\"https:\/\/www.zoocasa.com\/blog\/how-to-calculate-your-mortgage-affordability\/\">How to Calculate Your Mortgage Affordability<\/a><\/strong><\/p>\n<h2>2: Shorten your amortization payment timeline<\/h2>\n<p>The most common length of time to pay off a mortgage is 25 years (or up to 30 years for homes where a minimum of 20% down has been paid). That may seem an eternity to be tied to a mortgage \u2013 but you can choose to reduce it to five, 10, 15, or 20 years.<\/p>\n<p>For example, using the same mortgage scenario (a $400,000 mortgage with a five-year fixed rate of 2.39%, and accelerated biweekly payments), and a reduced timeline of 20 years, your bi-weekly payment would rise from $885 to $1,048.<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"94\"><strong>Amortization period<\/strong><\/td>\n<td width=\"94\"><strong>Total paid over five years<\/strong><\/td>\n<td width=\"94\"><strong>Principal paid over five years<\/strong><\/td>\n<td width=\"94\"><strong>Interest paid over five years<\/strong><\/td>\n<td width=\"94\"><strong>Balance after five years<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"94\">20 years<\/td>\n<td width=\"94\">$136,237<\/td>\n<td width=\"94\">$94,139<\/td>\n<td width=\"94\">$42,098<\/td>\n<td width=\"94\">$305,861<\/td>\n<\/tr>\n<tr>\n<td width=\"94\">25 years<\/td>\n<td width=\"94\">$115,052<\/td>\n<td width=\"94\">$71,654<\/td>\n<td width=\"94\">$43,397<\/td>\n<td width=\"94\">$328,346<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>&nbsp;<\/strong>While the interest savings aren\u2019t as large upfront (just $1,299 saved over five years), you\u2019ll make a $22,485 dent in the principal, and your balance will be reduced to $305,861. That\u2019s almost 24% of your mortgage over five years, compared to 18% over a traditional 25-year timeline.<\/p>\n<h2>3: Boost your payments<\/h2>\n<p>Another way to cut down your mortgage payment timeline is to simply put more toward each payment. It doesn\u2019t have to be a dramatic amount \u2013 for example, round up your two-week regular payment of $885 to $900 or $1,000. Remember, however, that once you up your payments, you cannot reduce them to the level they were during your term.<\/p>\n<p>Despite this limitation, paying more on a regular basis is a popular tactic; a 2016 Mortgage Professionals Canada (MPC) survey found that 16% of those with a mortgage opted to hike their payments over the past year, by an average amount of $375 monthly.<\/p>\n<h2>4: Try Lump-Sum Payments<\/h2>\n<p>A lump sum payment (also referred to as a prepayment) is a larger payment made as a whole toward your mortgage. Depending on your lender, you may be able to pay between 10 \u2013 20% of your mortgage\u2019s total balance each year. Doing so helps reduce interest paid over time, as well as the mortgage amortization period \u2013 according to the same MPC survey, 18% of mortgage holders chose this approach over the past year.<\/p>\n<h2>5: Take advantage of renewal deals<\/h2>\n<p>Depending on how low mortgage rates are when your term comes up for renewal, you could negotiate and score&nbsp;an even better cost of borrowing. However, rather than enjoy the smaller payments that come along with a lower rate, continue to pay the same amount as you did before \u2013 that will effectively cut down on interest and your overall mortgage payment period.<\/p>\n<p>That\u2019s why it\u2019s important to shop around for the most competitive rates \u2013 while having a lower rate won\u2019t help you pay off your mortgage faster, it will save you significant dollars over the payoff period.<\/p>\n<p>Assuming the same mortgage scenario as above, here\u2019s how your payments can differ with various mortgage rates, and the amount of interest you\u2019ll pay on your principal:<strong>&nbsp;<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"94\"><strong>Mortgage rate<\/strong><\/td>\n<td width=\"94\"><strong>Total paid over five years<\/strong><\/td>\n<td width=\"94\"><strong>Principal paid over five years<\/strong><\/td>\n<td width=\"94\"><strong>Interest paid over five years<\/strong><\/td>\n<td width=\"94\"><strong>Balance after five years<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"94\">2.39%<\/td>\n<td width=\"94\">$115,052<\/td>\n<td width=\"94\">$71,654<\/td>\n<td width=\"94\">$43,397<\/td>\n<td width=\"94\">$328,346<\/td>\n<\/tr>\n<tr>\n<td width=\"94\">2.54%<\/td>\n<td width=\"94\">$116,990<\/td>\n<td width=\"94\">$70,828<\/td>\n<td width=\"94\">$46,162<\/td>\n<td width=\"94\">$329,172<\/td>\n<\/tr>\n<tr>\n<td width=\"94\">2.79%<\/td>\n<td width=\"94\">$120,259<\/td>\n<td width=\"94\">$69,483<\/td>\n<td width=\"94\">$50,777<\/td>\n<td width=\"94\">$330,517<\/td>\n<\/tr>\n<tr>\n<td width=\"94\">2.94%<\/td>\n<td width=\"94\">$122,245<\/td>\n<td width=\"94\">$68,695<\/td>\n<td width=\"94\">$53,550<\/td>\n<td width=\"94\">$331,305<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>&nbsp;<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sponsored by: Rising levels of household debt have been an increasing concern for Canadians; according to Statistics Canada, the household debt-to-income ratio hit 167.3% in the fourth quarter of 2016 &#8211; the highest it has ever been. When you consider the rapid pace of real estate price growth across the nation (and especially in housing [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":19878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1158,468,1165],"tags":[],"class_list":["post-11155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-advice","category-mortgages-2","category-other"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Must-Know Tips to Pay Less On Your Mortgage<\/title>\n<meta name=\"description\" content=\"Rising levels of household debt are an increasing concern for Canadians. 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