RBC Royal Bank's powerful Double-Up option gives you the flexibility to prepay any amount between $100 and the equivalent of the principal and interest portion of your regular monthly mortgage payment on any or every payment date.
Did You Know?
Your Double-Up payment is applied directly against the principal balance of your mortgage, which cuts down the life of your mortgage and saves interest costs.
Example: $350,000 Fixed-Rate Mortgage at 5.00%1
This example shows how effectively you can reduce the time it takes to pay off your mortgage simply by doubling up one monthly payment each month.
| Monthly payments and 25-year amortization | With one double up payment of $100 per month | |
|---|---|---|
| Mortgage repaid (years) | 25 | 22yrs, 10 months |
| Monthly Payment | $2,035.62 | $2,035.62 |
| Total Cost Interest2 | $260,684 | $234,609 |
| Interest Savings2 | N/A | $26,076 |
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Making a Mortgage Prepayment
Increasing your monthly mortgage payments
We're Here to Help
Call us today about managing your mortgage. We can help explain your options and offer advice on mortgage solutions to help you achieve your goals.
- Call 1-800-769-2511
Call 1-800-769-2511
Legal Disclaimer1)
Calculated, semi-annually not in advance.
Legal Disclaimer2)
Over the life of the mortgage, assuming constant interest rate throughout amortization period.
