RBC Royal Bank offers you this great choice of payment options:
You also have the freedom to choose the day of the week or date of the month your mortgage payment is due, so you can schedule your payment to coincide with your paycheque — a convenient budgeting feature.
You can save interest by increasing your mortgage payment frequency. When you select an accelerated weekly or bi-weekly payment option, you are essentially making the equivalent of one additional monthly payment each year which will help pay off your mortgage faster.
This chart illustrates how you can reduce your amortization period and save on interest costs by choosing a more frequent payment schedule.
|Payment||Amount||Amortization (Years)||Amortization Interest Cost(9)|
In this example, choosing accelerated weekly payments instead of monthly payments on an $80,000 mortgage would save you more than $6,800 in interest costs, and cut more than 3 years off the life of your mortgage.
You can change your payment frequency without cost whenever your mortgage is up for renewal or during your mortgage term.
Call us today about managing your mortgage. We can help explain your options and offer advice on mortgage solutions to help you achieve your goals.