Mortgages in Canada are usually amortized anywhere from 25- to 35-year terms. However, you can save money, pay less interest, and pay off your mortgage much sooner by planning ahead and making a few small sacrifices. You can start by making payments on a weekly or bi-monthly basis. This will lower the interest paid out over the mortgage term, and it can lower the length of the mortgage itself by several years.
If your income increases due to a new job or a raise, you can add the difference to your mortgage payments. Your balance will drop more quickly, but it won’t feel like you are changing your spending habits. Mortgage lenders also allow you to make extra annual payments. You can apply for these payments as a single lump sum and watch your remaining mortgage balance decrease dramatically.