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Privilege Payments

It's Your Privilege... Take advantage of your mortgage options.

At MCAP, you can pay up to 20% of the original principal 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 payment 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!

Amortization Periods

Up to 30 year amortization available.

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.

Amortization Period Comparison
$100,000 mortgage at 7.00%* interest rate Monthly Principal & Interest Payments Total Interest Over the Amortization Period
Jones family – 25-years $700.42 $110,122.22**
Miller family – 20-years $769.31 $84,634.64**

The Miller family saves $25,487.58 in interest over the course of their mortgage compared to the Jones Family.

* Interest is compounded semi-annually not in advance.
** Calculations are approximate and are based on the interest rate being constant throughout the entire amortization
period, and assumes all regularly scheduled payments are made as required.

Payment Frequencies

Accelerate to Mortgage Freedom

Use our accelerated payment frequencies to speed up your amortization.

In the past, paying a mortgage monthly has been the norm. However, today an increasing number of people are opting to pay their mortgage on a bi-weekly basis. These payment frequencies not only provide the flexibility of coinciding with your pay periods at work, they also offer the benefit of reducing your mortgage amortization period.

An accelerated payment frequency means that your mortgage will be repaid sooner when compared with the traditional monthly instalment. This acceleration benefits you, as you will reduce the overall amount of interest you must pay against your mortgage. Take a look at the example below:

The Anderson family has a mortgage balance of $100,000.00 at an interest rate of 7.00% for a 10-year closed term. They have chosen a monthly payment of $700.00.

The Dumont family also has a mortgage balance of $100,000.00 at an interest rate of 7.00% for a 10-year closed term. They have chosen to pay a bi-weekly instalment of $350.00.

Payment Frequency Comparison
$100,000 mortgage at 7.00%* interest rate Installment Amount Amortization Period Amount of Interest Paid over Amortization Period
Anderson family - monthly $700.00 25 years $110,331.82**
Dumont family - bi-weekly $350.00 20 years, 7 months $87,152.02**

By paying their mortgage bi-weekly the Dumont family not only reduces the time required to pay off their mortgage balance in full by 4.5 years they also save $23,179.80 in interest payments compared to the Anderson family.

* Interest is compounded semi-annually not in advance.
** Calculations are approximate and are based on the interest rate being constant throughout the entire amortization period, and assumes all regular scheduled payments are made as required

Skip-a-Payment Program

An unexpected expense, a sick family member, temporary job loss, the arrival of a new baby—there are times in everyone’s life when we could benefit from a little financial breather. MCAP recognizes that during these times, flexibility with your mortgage payments could be a real benefit. That’s why we have created our Skip-a-Payment option.

To assist with short-term financial difficulty, the Skip-A-Payment program gives you the option, upon approval, to defer a payment. The Skip-A-Payment program is available on certain products and approval is required.

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