Paying off their mortgage is a key goal for many Canadian homeowners. And paying down their mortgage faster often becomes a priority, given the financial freedom it represents.

• To reduce the amount of interest paid.
• For the sense of freedom and peace of mind that come with owning your home outright.
• To be able to dedicate more money towards other financial goals, such as retirement savings.
• For homeowners about to retire (or already in retirement), being mortgage-free effectively increases your retirement income and makes for a better quality of life.
• To increase your monthly cashflow. 

These tips can all help when you’re looking into how to pay off your mortgage faster and, ultimately, pay considerably less in mortgage interest. 

Pay off your mortgage faster with accelerated mortgage payments 

Some people pay monthly mortgage payments (12 times a year), without realizing that if they increase the number of payments they make, they can pay less interest and pay down their mortgage faster.

If you’re looking at how to pay off your mortgage faster, you could ask your lender to change your payment schedule to semi-monthly (24 times a year), bi-weekly (26 times a year) or weekly (52 times a year). By accelerating your payment schedule, you could add the equivalent of one extra monthly payment per year; these additional payments add up over time, reducing your principal faster.

It’s important to realize that if your mortgage payment schedule doesn’t mirror how you receive your salary, you’ll need to be strict with your budgeting. For example, if you’re paid semi-monthly (twice a month), making bi-weekly mortgage payments (every two weeks) could be tricky, as there would be two more mortgage payments per year than there are pay days. It could make budgeting easier to match your mortgage payment schedule with your salary payments. 

Click here to read more and to see how shortened amortization periods = significant interest savings

^{Written and published by IG Wealth Management as a general source of information only. Not intended as a solicitation to buy or sell specific investments, or to provide tax, legal or investment advice. Seek advice on your specific circumstances from an IG Wealth Management Consultant.}

^{Mortgages are offered by Investors Group Trust Co. Ltd., a federally regulated trust company, and brokered by nesto Inc. Licences: Mortgage Brokerage Ontario #13044, Saskatchewan #316917, New Brunswick #180045101, Nova Scotia #202507230; Mortgage Brokerage Firm Quebec #605058; British Columbia, Alberta, Manitoba, Newfoundland/Labrador, PEI, Yukon, Nunavut, Northwest Territories.}

^{Mortgage advisors are licensed professionals and equivalent to the following titles per province: Sub Mortgage Broker/Mortgage Broker in British Columbia, Mortgage Associate/Mortgage Broker in Alberta, Associate/Mortgage Broker in Saskatchewan, Salesperson/Authorized Official in Manitoba, Mortgage Agent/Mortgage Broker in Ontario, Mortgage Broker in Quebec, Mortgage Associate/Mortgage Broker in New Brunswick, Associate Mortgage Broker/Mortgage Broker in Nova Scotia, or Mortgage Broker in Newfoundland & Labrador.}