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.
Did You Know?
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: $150,000 Fixed-Rate Mortgage at 5.5%1
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 up payment of $100 per month|
|Mortgage repaid (years)||25||20.4|
|Total interest cost2||$124,675.23||$98,560.10|