Mortgage is a long time commitment and often you feel there is no light in sight however often even an extra payment can make a huge difference!! Did you know that increasing your payment even slightly can shave MONTHS of your mortgage! If your not able to see the benefits of an extra payment or payments ask your mortgage lender for the information. We recently changed our mortgage over to the TD Canada Trust and we can now see the simple difference a one time payment could make or if we increased our payment by only $50 extra a month, how much we could shave off our mortgage!
Not bad information to help you out. If we increased our payments by only $50 we would be done 8 months sooner!! I know for a fact I can make $50 a month in cash back offers and surveys online, If I can find a way to turn that up to to $100 extra a month, that would be 1 1/2 years early! Our mortgage is only a 10 year mortgage! Use those Cash Back checks & surveys to pay off your home earlier 🙂
Updated January 5, 2018
Now that a few months have passed and it is a new year has started and a new budget we decided we were going to increase our payment by $50 per month. I was floored on seeing how much money in interested would be saved over the next few years, how much money would be saved over the 10 years and the best part was that it wouldn’t be 10 years any more!! This would take off 1 year and 10 months! We already paid a few months since we switched so already since November and with only paying $50 per MONTH that takes a 10 year mortgage down to an 8 year mortgage!!!