How much sooner can I pay off my mortgage?
Enter what you owe, your rate and the years left, then try a faster payment frequency, an extra amount with each payment or a lump sum once a year. Check your mortgage’s prepayment limits first.
Your estimate
What the calculator assumes.
Comparison. Your plan is compared with regular monthly payments over the years left. Interest compounds semi-annually, as on Canadian fixed-rate mortgages.
Accelerated payments. Accelerated biweekly is half the monthly payment every two weeks, which adds up to one extra monthly payment a year. Accelerated weekly is a quarter of the monthly payment each week.
Prepayment limits. Closed mortgages usually let you prepay 10% to 20% of the original amount each year and raise the payment by a set share; more can trigger a penalty. See the open vs closed mortgage guide.