RBC Royal Bank's powerful Double-Up option gives you the flexibility to prepay any amount between $100 and the equivalent of the principal and interest portion of your regular monthly mortgage payment on any or every payment date.
Your Double-Up payment is applied directly against the principal balance of your mortgage, which cuts down the life of your mortgage and saves interest costs.
This example shows how effectively you can reduce the time it takes to pay off your mortgage simply by doubling up one monthly payment each month.
|Monthly payments and 25-year amortization||With one double payment of $100 monthly|
|Mortgage repaid (years)||25||17.2|
|Total interest cost(7)||$103,165||$65,745|
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.