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Making Double-Up® Payments
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Personal Banking > Mortgages > Managing Your Mortgage > Pay Down Your Mortgage Faster > Making Double-Up® Payments
Making Double-Up® Payments
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.
Good News
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.
Example: $80,000 Mortgage at 8.00%(6)
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 year.
| Monthly payments and 25-year amortization | With one double payment each year | |
|---|---|---|
| Mortgage repaid (years) | 25 | 20.1 |
| Total interest cost(7) | $103,165 | $80,532 |
| Interest savings(7) | N/A | $22,633 |
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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.
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