What if you could pay off your mortgage years early?
Most BC homeowners never realize that small extra payments can shave years off their mortgage and save tens of thousands in interest. This calculator shows you exactly what's possible — no sign-up required.
20.0% of home price
Standard Payment
$2,326
monthly
Total Interest: $297,926
Payoff Time: 25.0 yrs
Accelerated Bi-Weekly
$1,163
Bi-Weekly
Interest Saved: $48,349
Time Saved: 3.5 yrs
With Extra Payments
Add extra payments above to see your savings.
Mortgage Amount
$400,000
Total Interest
$297,926
Total You Pay
$697,926
Interest Saved
$48,349
Mortgage Balance Over Time
Payment Breakdown
On a $400,000 mortgage at 5% over 25 years, switching to accelerated bi-weekly saves you $48,349 in interest and pays off your mortgage 3.5 years sooner. That's money that could go into your RRSP or TFSA instead.
Interest adds up fast
On a $550,000 mortgage at 5.5% over 25 years you'll pay over $450,000 in interest alone — nearly as much as the home itself.
Small extra payments have massive impact
An extra $300 per month on that same mortgage saves over $60,000 in interest and cuts nearly 4 years off your amortization.
Your mortgage and your financial plan work together
Paying down your mortgage faster frees up cash flow for RRSP contributions, TFSA savings, and life insurance — all working together as one strategy.
Want to see how your mortgage fits into your overall financial plan?
Book a free call with Sarah →This calculator is for illustrative and educational purposes only. Mortgage insurance premiums are based on CMHC rates as of 2024. Results are estimates only. Always consult a licensed mortgage professional and financial advisor. Sarah Lovett is licensed in British Columbia (LIC-2025-0059458-R01).
