Pay off faster calculator
See how much interest and time you could save by adding a little to each payment or making a yearly lump-sum payment.
Interest you could save
–
- Regular monthly payment
- Total interest, as is
- Total interest, with prepayments
- Mortgage-free in
As isWith prepayments
How this estimate works
The regular payment stays the one for your remaining amortization; extra amounts go straight to principal. The lump sum is applied once a year on the anniversary. Most mortgages allow prepayments up to a yearly limit without a penalty; check your own terms or ask Rekha.
Estimates are for illustration only and are not a mortgage offer, approval or rate quote. All mortgages are subject to CIBC credit approval. For your real numbers, call Rekha at 780-394-5555.
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