Lower Your Mortgage Payment

Mortgage Payment

๐Œ๐”๐’๐“-๐‘๐„๐€๐ƒ ๐ข๐Ÿ ๐ฒ๐จ๐ฎ๐ซ ๐ฆ๐จ๐ซ๐ญ๐ ๐š๐ ๐ž ๐ซ๐š๐ญ๐ž ๐ข๐ฌ ๐ก๐ข๐ ๐ก๐ž๐ซ ๐ญ๐ก๐š๐ง ๐Ÿ‘%. What if breaking your current mortgage will save you money (๐˜ข ๐˜ญ๐˜ฐ๐˜ต ๐˜ฐ๐˜ง ๐˜ฎ๐˜ฐ๐˜ฏ๐˜ฆ๐˜บ)? Even when you include the pre-payment penalty.

When interest rates fall, breaking your existing mortgage and renegotiating a new one at a lower interest rate can save you thousands of dollars.

๐‡๐ž๐ซ๐ž’๐ฌ ๐š๐ง ๐ž๐ฑ๐š๐ฆ๐ฉ๐ฅ๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐œ๐š๐ฅ๐œ๐ฎ๐ฅ๐š๐ญ๐ข๐จ๐ง๐ฌโ€ฆ
Interest paid over the next 4 years at 3.49% on a $300,000 mortgage (19-year amortization), with payments of $1,798/month = $38,405. Your balance at the end of the 4 years would be $252,106.

To break this mortgage, assuming the lender will charge a 3-month interest pre-payment penalty, you can expect a penalty of approximately $2,618.

๐‡๐จ๐ฐ ๐๐จ ๐ฒ๐จ๐ฎ ๐œ๐จ๐ฏ๐ž๐ซ ๐ญ๐ก๐ž ๐ฉ๐ž๐ง๐š๐ฅ๐ญ๐ฒ? We have lenders that will allow you to build in up to $3,000 in penalties and associated switch/transfer costs into your new mortgage. You don’t have to dip into your bank account, and you’re saving money each month – ๐–๐ˆ๐ ๐–๐ˆ๐!!

So, let’s add the $2,618 penalty to the new mortgage and do the calculations at today’s lower ratesโ€ฆ

Interest paid over the next 4 years at 2.79% (*๐˜ต๐˜ฉ๐˜ช๐˜ด ๐˜ช๐˜ด ๐˜ข ๐˜ค๐˜ญ๐˜ฐ๐˜ด๐˜ฆ ๐˜จ๐˜ถ๐˜ฆ๐˜ด๐˜ต๐˜ช๐˜ฎ๐˜ข๐˜ต๐˜ฆ ๐˜ฐ๐˜ฏ ๐˜ณ๐˜ข๐˜ต๐˜ฆ, ๐˜ธ๐˜ฆ ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ฉ๐˜ช๐˜จ๐˜ฉ๐˜ฆ๐˜ณ & ๐˜ญ๐˜ฐ๐˜ธ๐˜ฆ๐˜ณ ๐˜ณ๐˜ข๐˜ต๐˜ฆ๐˜ด ๐˜ข๐˜ท๐˜ข๐˜ช๐˜ญ๐˜ข๐˜ฃ๐˜ญ๐˜ฆ ๐˜ฅ๐˜ฆ๐˜ฑ๐˜ฆ๐˜ฏ๐˜ฅ๐˜ช๐˜ฏ๐˜จ ๐˜ฐ๐˜ฏ ๐˜บ๐˜ฐ๐˜ถ๐˜ณ ๐˜ด๐˜ช๐˜ต๐˜ถ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ) on a $302,618 mortgage (19-year amortization), with a new lower payment of $1,709/month = $30,849. The new balance at the end of 4 years would be $251,429.

Comparative Calculator

๐‹๐ž๐ญ’๐ฌ ๐ฌ๐ฎ๐ฆ ๐ข๐ญ ๐ฎ๐ฉ… Drop your payments by close to $90/month. SAVE $7,556 in interest and owe less on your mortgage at the next renewal. Or if you don’t want to lower your payments, keep them the same. You will dave over 1 year of payments on your mortgage as your amortization will go from 19 yrs to 17 yrs 11 mths.

It’s a no brainer with ๐š ๐’๐€๐•๐ˆ๐๐†๐’ ๐Ž๐… $๐Ÿ•,๐Ÿ“๐Ÿ“๐Ÿ”!!! ๐๐ฅ๐ฎ๐ฌ, ๐ญ๐ก๐ž๐ซ๐ž’๐ฌ ๐š ๐๐Ž๐๐”๐’; ๐ฒ๐จ๐ฎ ๐ ๐ž๐ญ ๐ญ๐จ ๐ฅ๐จ๐œ๐ค ๐ข๐ง ๐ญ๐จ๐๐š๐ฒ’๐ฌ ๐ž๐ฑ๐ญ๐ซ๐ž๐ฆ๐ž๐ฅ๐ฒ ๐ฅ๐จ๐ฐ ๐ซ๐š๐ญ๐ž๐ฌ ๐Ÿ๐จ๐ซ ๐ฌ๐จ๐ฆ๐ž ๐ž๐ฑ๐ญ๐ซ๐š ๐ญ๐ข๐ฆ๐ž!!!

If your current lender allows you to break your closed mortgage contract, you need to contact us today. Send an email to rodney@thebiggarteam.ca or call Rodney 780-960-5897) so you can start saving money. Let us do all the calculating to see if it is worthwhile.

If you want to calculate the savings yourself, download our free mortgage app today. You can do a side by side comparison to find out your best option.

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