![]() In Canada, the two main accelerated mortgage payment frequencies are accelerated bi-weekly and accelerated weekly. This means that increasing it will permanently affect your future payments, and it might not be possible to decrease it in the future. Some lenders might only allow you to increase your regular mortgage payment amount. Instead, it will still be $1,500, unless you decide to make another extra payment. For example, if you double up your RBC mortgage payment from $1,500 to $3,000, you’re not required to make a $3,000 mortgage payment the next month. In most cases, the “increase your mortgage” feature does not affect your original mortgage payment amount. Going over this limit will cause mortgage penalties to apply. You can, however, make a one-time prepayment by using your annual 10% prepayment allowance. ![]() You can’t make an extra mortgage payment of over $1,500 in a given month, even if you didn’t make an extra payment the previous month. In other words, if your monthly mortgage payment is $1,500 with RBC, then you can make an extra payment of between $100 to $1,500 every month. ![]() You can also "Double Up" your regular mortgage payment, which allows you to prepay between $100 up to your regular mortgage payment amount, with this amount going directly against your mortgage's principal balance. For example, RBC allows you to make extra payments, as a mortgage prepayment, equal to 10% of your original mortgage principal amount every year. Not all lenders allow you to make extra mortgage payments, and they may also limit the amount of extra payments that you can make each year. ![]()
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