902-710-4066
[email protected]
902-710-4066 | [email protected]
  • Home
  • Buy
    • Property Tax Sales
    • Calculators
    • Homes For Sale Under $300k
    • Homes For Sale Under $200k
    • Homes for Sale Under $400k
    • Homes For Sale Under $500k
    • Homes For Sale Under $600k
    • Homes For Sale With Garages
    • Home For Sale With Ocean and Water Views
    • New Construction For Sale
  • Sell
    • Street Match
    • Home Worth
    • Instant House Value
  • Relocate
  • Communities
    • Bedford
    • Dartmouth
    • Sackville
    • Hammonds Plains
    • Enfield
    • Fall River
    • Halifax
    • Spryfield
    • Eastern Passage
    • West Bedford
    • All Of HRM
  • Blog
  • About
  • Contact
    • Newsletter
Home
Buy
  • Property Tax Sales
  • Calculators
  • Homes For Sale Under $300k
  • Homes For Sale Under $200k
  • Homes for Sale Under $400k
  • Homes For Sale Under $500k
  • Homes For Sale Under $600k
  • Homes For Sale With Garages
  • Home For Sale With Ocean and Water Views
  • New Construction For Sale
Sell
  • Street Match
  • Home Worth
  • Instant House Value
Relocate
Communities
  • Bedford
  • Dartmouth
  • Sackville
  • Hammonds Plains
  • Enfield
  • Fall River
  • Halifax
  • Spryfield
  • Eastern Passage
  • West Bedford
  • All Of HRM
Blog
About
Contact
  • Newsletter
Sign in
  1. Home
  2. Blog Details
    • Home
    • Buy
    • Sell
    • Relocate
    • Communities
    • Blog
    • About
    • Contact
    • Map Search
  • Submenu for Blog Details
  • Home
  • Buy
  • Sell
  • Relocate
  • Communities
  • Blog
  • About
  • Contact
  • Map Search
By using our site, you agree to our Terms of Use and Privacy Policy
Dismiss

How to Save Thousands of Dollars in Interest and Pay Your Mortgage off Faster

There are a few easy ways to make extra principle payments that can save you a ton of money in interest expenses and get you mortgage-free sooner than you thought possible. Here are a few simple strategies you can use:

1. Round your monthly payment up

The results of this simple strategy can save you a fortune and drastically reduce the length of your mortgage.

As an example, if your monthly mortgage payments were $734 dollars a month, but you rounded it up to $800 per month, you would save more than $48,000 in interest payments, and reduce the length of your mortgage by 7.5 years!

2. Make One Time Pre-Payments Using Your Income Tax Refund

This is an easy way to save money and shorten your mortgage. For example, if you have a $100,000 mortgage, and you have a $1000 tax refund this year, you take apply that refund to your mortgage. Over time, this will save you more than $8600 and shave 1 year and 1 month off your mortgage! That's another amazing result from a simple strategy.

3. Choose a 15 Year Mortgage

If you can afford it, you are far better off getting a 15 year mortgage instead of 30. It won't cost you much more, and the interest savings are truly incredible.

If you have a mortgage of $100,000 at 8% interest over 15 years, your monthly payment would be about $200 more, but you'd end up saving $92,083 in interest over the life of your mortgage!

Using these strategies is the easiest way to reduce your interest expenses and shorten your mortgage period.

Tax Sale (11)
Mortgages (1)
Home Maintenance (1)
Home Buyers (1)
Subscribe for free: Tax Sales, News, Listings, and Pro Tips.
  • Home
  • Buy
  • Sell
  • Relocate
  • Communities
  • Blog
  • About
  • Contact
Copyright 2025 All rights reserved. Canadian Real Estate Association assumes no responsibility for the accuracy of any information shown. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose. The trademark DDF® is owned by The Canadian Real Estate Association (CREA) and identifies CREA’s Data Distribution Facility (DDF®). The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA
  • Sutton Group Professional Realty | REALTOR® | 902-453-5552, 9022921578 | Sutton Group Professional Realty, 3845 Joseph Howe Drive, Suite 100, Halifax, NS, B3L 4H9 |
  • Terms of Use
  • |
  • Privacy Policy
  • |
  • Register
  • |
  • Login

Real estate website design by