Shorten my Amortization

Become mortgage-free faster.

Choosing a longer amortization period can help lower your monthly mortgage payments. However, by shortening your amortization period you can save thousands of dollars over time. So, if you can increase your monthly payments and still get by comfortably, it may be a good option for you.

See for yourself.
Example: $200,000 mortgage at 7% interest on a fixed term with monthly payments¹

Amortization Period²	Your Monthly Payment	Total Interest
20 Years	$1,538.62	$169,239.25
25 Years	$1,400.83	$220,207.26
30 Years	$1,317.21	$274,130.94

¹Per annum, calculated half yearly, not in advance. The rate shown is an example only and is not necessarily applicable to an actual mortgage.
²Assume same interest rate for entire amortization period.

These results are based on the above example as well as a number of assumptions. While care is taken in the preparation of this illustration, no warranty can be made as to its accuracy or applicability for any particular case.

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