Amortization period
The amortization period is the actual number of years it will take you to pay off your mortgage. You may shorten your amortization period and pay your mortgage off faster by making additional payments as prescribed within your personal mortgage contract. With BMO’s Mortgage Prepayment Options, you can pay down your mortgage faster and reduce the overall amount of interest you pay.
The Mortgage Prepayment Privilege
The Mortgage Prepayment Privilege lets you pay down your mortgage faster and can save you thousands of dollars on your mortgage. Here’s how it works.
Increase your mortgage payments (principal and interest)
Increase the amount of your mortgage payment by 20% over the current mortgage payment, or 10% for a Low Rate Fixed Closed Mortgage, once per calendar year without added charge.
Make lump sum payments
In addition to increasing your mortgage payments, you may prepay in $100 increments each year without added charge, up to:
- 10% of the original mortgage amount for a Low Rate Fixed Closed Mortgage; or
- 20% of the original mortgage amount , for any other kind of closed mortgage.
- Some conditions apply.
How much can I save?
Find out with the Mortgage Prepayment Calculator
- 1-877-225-5266
- Mortgage Specialist
- Locate a Branch
- Apply Online
| 5 Year Low Rate Mortgage (closed) |
% APR** |
| Prime Rate | % |
| Smart Saver | % |
