Payoff Your Mortgage Early, No Extra Payments | Mortgage-Free In Canada #residentialmortgage #canada

Added: 2026-06-03

[00:00:00]three ways that you can pay off your mortgage early without having to stretch your budget on monthly basis. First one is round up your payments. Let's say you are paying $2,415 as your mortgage payment. Round that up to $2,500.

[00:00:14]That additional $85 will directly apply towards your principal balance. That will help you to reduce your interest cost and pay off your mortgage earlier.

[00:00:22]Second option, switch your monthly mortgage payments to accelerated bi-weekly or weekly payments. That way, you will fit in one extra monthly payment each year. That will help you to reduce your mortgage balance and save up to $50,000 interest over the life of your mortgage and pay off 3 years earlier. Third option, if you are getting a tax refund when filing your taxes or if you are salaried and getting a bonus at the end of a year, you can apply a partial part of that refund or a bonus towards the balance of your mortgage. That way you will not end up using all of that money but that amount applied towards your mortgage can save you thousands of dollars in interest.

[00:00:58]And if you are planning to buy a home and want to know how much home you can actually afford, comment afford in the comment section and I'll send you my mortgage affordability calculator to calculate your actual affordability.