Over the course of your loan’s amortization, you will spend hundreds and thousands of dollars on interest. However, by making a small additional monthly payment towards the principal you can drastically accelerate the term of your loan and can greatly save in interest payments.
The Canadian Mortgage App team has added the Extra Payment Calculator to help you determine how quickly you are able to pay off your loan.
Our calculator helps you determine how making an additional payment can change the term of your loan. You have the option to make extra payments by choosing the dollar amount or by the percentage.
Also, see how much additional you must pay each month if you want to reduce your loan term by a certain amount of time. We recommend that you experiment with different payment options to find the best option for you.
Keep in mind that there are things that you may want to consider before making extra payments on your mortgage. For example, if you have other debts that have a higher rate of interest than your mortgage, you will save more money and time if you pay off the higher-interest debt first. For more information, speak to one of our local experts.
As mentioned, in this update we have translated The Canadian Mortgage App in French, Chinese and Spanish that can be directly accessed from CMA’s side menu.
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