At MCAP, you can pay up to 20% of the original amount of your mortgage anytime during each anniversary year of your mortgage, without penalty or administration fee. Lump sum payments must be a minimum of $100.00 and made on a regularly scheduled payment due date.

Your mortgage also allows you to increase your principal and interest amount by up to 20% each anniversary year. This is another excellent way to pay down your mortgage faster. The entire amount of these payment increases is applied directly against your principal balance. Try our calculator to see how it works.

Whether you wish to make a lump sum payment, which you can arrange to be made directly through your pre-authorized account, or increase your instalment amount, simply contact us via phone, fax, or e-mail. After that, just sit back and watch your mortgage balance disappear!.

When you establish or renew your MCAP mortgage, you can increase the amount of your regular mortgage payments to shorten your amortization period. The amortization period represents the actual number of years it takes to repay a mortgage loan in full.

If your budget will allow you to pay just a little extra per month, you’ll be surprised to see how much faster you can pay off your mortgage. Look at the example below:

The Jones family has a mortgage balance of $100,000.00 at an interest rate of 7.00% for a 5-year closed term. They have chosen a 25-year amortization period.

The Miller family has a mortgage balance of $100,000.00 at an interest rate of 7.00% for a 5-year closed term. They have chosen a 20-year amortization period.