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How Does Paying Off Your Mortgage Faster Help You?

Chris Holm

Whether buying or selling, hundreds of clients in the Armstrong and North Okanagan area have relied on Chris Holm since 2007...

Whether buying or selling, hundreds of clients in the Armstrong and North Okanagan area have relied on Chris Holm since 2007...

Oct 15 2 minutes read

How Does Paying Off Your Mortgage Faster Help You?



Aside from the interest rate, your amortization period also impacts the amount you’ll pay in interest over the life of your mortgage. Stretching your mortgage out over a longer-term will decrease the amount of each mortgage payment (which can help with day-to-day expenses), but doing this will also lengthen the time it will take to pay off the loan AND increase your total interest paid.

Depending on the amount of the mortgage loan and your interest rate, this translates to a considerable sum of your heard-earned, harder-saved money going to the lender instead of building your home equity!

With every mortgage payment you make, you increase your home equity, decrease the borrowed amount and thus, decrease the amount you pay in interest.

Curious about the equity in your home? Get in touch today:

Chris Holm & Associates
RE/MAX Vernon
đź“ž 250.309.0039✉️ [email protected]

Great People Don't Work Alone

Chris Holm
Personal Real Estate Corporation
Patric Tremblay
REALTOR®
Julie Lutz
REALTOR®
Jasmine Hall
REALTOR®
Kristi Boe
Office Manager
Brenda Ellis
unREALtor
Chris Holm & Associates
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