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Mortgage Repayment

Optimize your payments

Overview

Opting for accelerated repayment means increasing the frequency or amount of your payments before the end of your term so you can pay down your mortgage loan faster.

Perfect if you are looking to:

  • Use any extra cash to pay down your balance
  • Save on interest
  • Reduce your amortization period

4 ways to accelerate repayment

Increase payment frequency

1. Increase your payment frequency

If you go from a monthly payment to a biweekly or weekly payment, you will pay back the borrowed capital of your mortgage more quickly and pay less interest in total.

Curious about how much you could save by increasing the frequency of your payments?1 Do the math!

Increase payment frequency

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2. Make additional payments

On the date of each payment, you have the option to make an additional payment. The amount must be equal to or less than your regular payment (including principal and interest).

Sign in to your online bank or mobile app to make an additional payment.

Make a payment

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Young man sitting on a sofa in a cafe looks at a tablet
Young man sitting on a sofa in a cafe looks at a tablet
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3. Make an early payment

During the same calendar year2, you can repay up to 10% of the principal amount borrowed3. This refund can be made in one or more payments.

If your loan is closed, you can not repay it completely before maturity, without paying additional fees to the bank.

To make an early repayment or to calculate how much a full or partial refund would cost, visit your online bank or mobile app

Sign in

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4. Repay with your Rewards Plan® Points

Repay the capital portion of your All-In-One™ Home Equity line of credit4 with points from your Rewards Plan credit card5.

➔ Repaying $100 = 12,000 points6.

Discover eligible cards.

Already have a Rewards Plan credit card? Call us to make a payment.

1-888-835-6281

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Man and woman working
Man and woman working
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Tip

When your term expires, you can pay off as much of your mortgage as you'd like before you renew your loan.

Little details that matter

Situations where fees apply

You'll have to pay a mortgage prepayment charge if you:

  • Refinance your mortgage before the end of the term
  • Renegotiate the terms and conditions of your mortgage before the end of the term
  • Prepay more than 10% of the principal amount in a yearPrepay your mortgage in full before the end of the term
  • Transfer your mortgage loan to another financial institution

To learn more, you can visit the Financial Consumer Agency of Canada (FCAC) website.

Applicable fees by loan type

Loan type Prepayment charge

Fixed-rate mortgage loan

The higher of:

  • 3 months' interest or
  • 1 month's interest (max. $500) plus the rate differential

Variable-rate mortgage loan

3 months' interest

Legal disclaimers

TM National Bank All-In-One is a trademark of National Bank of Canada.

® À LA CARTE REWARDS PLAN is a registered trademark of National Bank.

1. As of the second request to change payment frequency, fees may apply.

2. Accrued interest will be calculated if the payment(s) is(are) not made on the scheduled payment date.

3. Certain restrictions apply. Please consult your loan contract.

4. It is the responsibility of the customer to analyze his financial situation to identify, among other things, the possible tax consequences, his eligibility for the investment product and the restrictions on the prepayment of the principal of a mortgage loan under his credit agreement.

5. Certain restrictions apply. Please consult the rules governing reward points under Rewards plan.

6. The number of points required for any À la carte Extra is subject to change without notice.

Understanding mortgage payments

Ready to pay off your mortgage faster?

Meet with an advisor to work out the best approach.

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