{"id":57876,"date":"2022-03-10T14:19:00","date_gmt":"2022-03-10T14:19:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/refinancing-and-downsizing\/you-want-a-home-not-a-mortgage-here-are-3-quick-tips-to-pay-it-down-faster\/"},"modified":"2024-01-05T10:57:18","modified_gmt":"2024-01-05T15:57:18","slug":"you-want-a-home-not-a-mortgage-here-are-3-quick-tips-to-pay-it-down-faster","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/refinancing-and-downsizing\/you-want-a-home-not-a-mortgage-here-are-3-quick-tips-to-pay-it-down-faster\/","title":{"rendered":"You Want a Home Not a Mortgage. Here Are 3 Quick Tips to Pay it Down Faster"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\">\n\t\t\t\t\t\t\t<span>Home Ownership<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">You Want a Home Not a Mortgage. Here Are 3 Quick Tips to Pay it Down Faster<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By RBC<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"878\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TF-13-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A smiling Black couple sitting on a white couch, reviewing mortgage payment options on a tablet\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TF-13-1.jpg 1190w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TF-13-1.jpg?resize=300,257 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TF-13-1.jpg?resize=768,658 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/TF-13-1.jpg?resize=1024,878 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=You Want a Home Not a Mortgage. Here Are 3 Quick Tips to Pay it Down Faster &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/refinancing-and-downsizing\/you-want-a-home-not-a-mortgage-here-are-3-quick-tips-to-pay-it-down-faster\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/refinancing-and-downsizing\/you-want-a-home-not-a-mortgage-here-are-3-quick-tips-to-pay-it-down-faster\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published March 10, 2022 \u2022 2 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>If you&#8217;re looking to build equity in your home, save money over the life of your mortgage and be mortgage-free sooner, there are a few different ways you can apply a prepayment directly to your principal, allowing you to pay down your mortgage balance faster.<\/p>\n\n\n\n<p>Here are three options to consider:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Make a double-up payment<\/h2>\n\n\n\n<p>This option lets you prepay between $100 and the equivalent of your regular monthly mortgage payment (of principal and interest) on any payment date.<\/p>\n\n\n\n<p>Here&#8217;s an example of the effect of making one double-up payment per month.<\/p>\n\n\n\n<p><strong>$350,000 Fixed Rate Mortgage at 2.5%<\/strong><\/p>\n\n\n\n<table class=\"table-swipe wp-block-rbc-responsive-table-block\"><thead><tr><th scope=\"col\">Mortgage Info<\/th><th scope=\"col\">Monthly payments with a 25-year amortization<\/th><th scope=\"col\">With one Double-Up payment of $100\/month<\/th><\/tr><\/thead><tbody><tr><td>Mortgage repaid (years)<\/td><td>25<\/td><td>23<\/td><\/tr><tr><td>Monthly payment<\/td><td>1,567.80<\/td><td>1,567.80<\/td><\/tr><tr><td>Total interest cost<\/td><td>$120,363<\/td><td>$109,815<\/td><\/tr><tr><td>Interest savings<\/td><td>N\/A<\/td><td>$10,548<\/td><\/tr><\/tbody><\/table>\n\n\n\n<p>Because that extra $100 all goes towards your mortgage principal, you save $10,548 in interest and pay off your mortgage 2 years earlier. Imagine if you bumped that amount even a little?<b><\/b><b><\/b><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Make a principal prepayment<\/h3>\n\n\n\n<p>If you have a closed mortgage, you can prepay up to 10% of your original principal amount once every twelve months. If you have an open mortgage, you can make a $500 principal prepayment as often as you like. You can also make principal prepayments of any amount at renewal time.<\/p>\n\n\n\n<p>Here&#8217;s an example of how a 10% prepayment can make an impact on your mortgage:<\/p>\n\n\n\n<p><strong>$350,000 Fixed Rate Mortgage at 2.5%<\/strong><\/p>\n\n\n\n<table class=\"table-swipe wp-block-rbc-responsive-table-block\"><thead><tr><th scope=\"col\">Mortgage Info<\/th><th scope=\"col\">Monthly payments with a 25-year amortization<\/th><th scope=\"col\">With one Double-Up payment of $100\/month<\/th><\/tr><\/thead><tbody><tr><td>Mortgage repaid (years)<\/td><td>25<\/td><td>21yrs, 9 months<\/td><\/tr><tr><td>Monthly payment<\/td><td>1,567.80<\/td><td>1,567.80<\/td><\/tr><tr><td>Total interest cost<\/td><td>$120,363<\/td><td>$92,940<\/td><\/tr><tr><td>Interest savings<\/td><td>N\/A<\/td><td>$27,423<\/td><\/tr><\/tbody><\/table>\n\n\n\n<h4 class=\"wp-block-heading\">Increase your payment amount<\/h4>\n\n\n\n<p>Once every 12 months you can increase your mortgage payment by as much as 10% without any prepayment charge. The increased amount goes directly to your principal.<\/p>\n\n\n\n<p>Here&#8217;s an example of how a 10% increase in payment at the end of year 1 can make an impact on your mortgage:<\/p>\n\n\n\n<p><strong>$350,000 Fixed Rate Mortgage at 2.5%<\/strong><\/p>\n\n\n\n<table class=\"table-swipe wp-block-rbc-responsive-table-block\"><thead><tr><th scope=\"col\">Mortgage Info<\/th><th scope=\"col\">Monthly payments with a 25-year amortization<\/th><th scope=\"col\">Effect of 10% increase in payment after year 1<\/th><\/tr><\/thead><tbody><tr><td>Mortgage repaid (years)<\/td><td>25<\/td><td>22yrs, 2 months<\/td><\/tr><tr><td>Monthly payment (year 1)<\/td><td>1,567.80<\/td><td>1,567.80<\/td><\/tr><tr><td>Monthly payment (year 2 until the mortgage is paid)<\/td><td>$1,567.80<\/td><td>$1,724.68<\/td><\/tr><tr><td>Total interest cost<\/td><td>$120,363<\/td><td>$105,955<\/td><\/tr><tr><td>Interest savings<\/td><td>N\/A<\/td><td>$14,408<\/td><\/tr><\/tbody><\/table>\n\n\n\n<div class=\"wp-block-columns mar-t-hlf has-border-color has-rbc-bright-blue-tint-1-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:4px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h5 class=\"wp-block-heading\">Ready to pay down your mortgage faster?<\/h5>\n\n\n\n<p>An&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/mortgages\/specialist-locator\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">RBC Mortgage Specialist<\/a>&nbsp;can answer any questions you may have, help you manage your mortgage and recommend mortgage options to help you reach your goals.<\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-5c387756-c925-4062-a54a-b98988652f8d\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=You Want a Home Not a Mortgage. Here Are 3 Quick Tips to Pay it Down Faster &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/refinancing-and-downsizing\/you-want-a-home-not-a-mortgage-here-are-3-quick-tips-to-pay-it-down-faster\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/buying-a-home\/refinancing-and-downsizing\/you-want-a-home-not-a-mortgage-here-are-3-quick-tips-to-pay-it-down-faster\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-9174d091-15ee-435e-9d68-2b86a5601a06\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/home-ownership\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Home Ownership<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/real-estate\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Real Estate<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A hand holds a disc with a percentage symbol on it, and upward and downward arrows over and below the disc to reflect the rate announcement on September 17, 2025.\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg 5233w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/07\/Sep-15_shutterstock_2438592943.jpg?resize=1024,683 1024w, 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Canada Interest Rate Explained and How It Shapes Your Mortgage<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Happy young couple using a laptop and credit card in their first home\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/image-to-switch-out.jpg_draft_1.jpeg 6000w, 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href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/\">\n\t\t\t\t\t\tUnderstanding Interest Rates\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/economics-101\/understanding-interest-rates\/how-the-fhsa-and-lower-interest-rates-can-help-you-buy-your-first-home\/\" class=\"card-title h4 mar-t-0\">How the FHSA and Lower Interest Rates Can Help You Buy Your First Home<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/3_Ways_to_Use_the_Equity_Thumbnail-default-2.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A U.S. vacation home with a fire pit and mountains in the background\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/3_Ways_to_Use_the_Equity_Thumbnail-default-2.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/3_Ways_to_Use_the_Equity_Thumbnail-default-2.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/3_Ways_to_Use_the_Equity_Thumbnail-default-2.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 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