Real Estate In Red Deer & Area
Real Estate in Red Deer, Jon & Denise Nichols Real Estate in Red Deer, Jon & Denise Nichols

How to pay your mortgage off faster

Mogo Mortgage Pay Off Web

Buying a home is one of the best investments you can make and the best way to build equity.


Buying a home is one of the best investments you can make and the best way to build equity. Regardless, your 25 year mortgage amortization period can sometimes feel like a life sentence. Many people don’t realise there are several steps you can take to pay it off faster; without sacrificing your other financial and life goals in the meantime. Putting extra money towards your mortgage—which is likely the biggest debt in your life—means huge interest savings and being mortgage-free faster.

Set up bi-weekly payments

Once you have your monthly mortgage payment figured out, set up bi-weekly payments rather than monthly payments. By paying every two weeks rather than once a month, you’ll actually end up paying 13 monthly payments a year – which is an extra payment every year. This will cut your 25 year mortgage down by a few years and will save you money in interest.

Put “extra” money towards it

If you have a yearly bonus, or get money back on your tax return, (and you don’t have other high interest debt to pay off) consider putting that amount directly towards your mortgage.

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Jon Nichols

Jon Nichols
Century 21 Advantage
Phone: 403.302.0800
Email:

Denise Nichols

Denise Nichols
Century 21 Advantage
Phone: 403.302.9498
Email:

Jez Nichols

Jez Nichols
Century 21 Advantage
Phone: 403.392.7002
Email: