(778) 668-9320 scott.dawson@verico.ca

The 52 Week Money Saving Challenge chart from ING Direct (Tangerine) has been making its rounds online, and if followed, can help you save over $1300 this year.

Now, what if you used that $1,300 you saved over the year and used it as a mortgage prepayment?

Assuming a $250,000 mortgage with a 3.99% interest rate amortized over 25 years making monthly payments, if you made a lump sum payment of $1,300 each year you could pay your mortgage off 2 years and 3 months earlier and save a whopping $14087.95 in interest over the life of your mortgage!

[hr]Related: The Cost of a Grande Latte[hr]

How much can you save on your mortgage?

Want to find the best prepayment options provided by our lenders?

Contact us here or use the form below and a mortgage associate will be in touch.
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