Payment Options

We offer payment options to fit every budget. You can save thousands of dollars in interest and pay your mortgage off sooner by simply increasing the frequency of your mortgage payments.

In most cases, choices can include:

• Monthly
• Semi-monthly
• Accelerated bi-weekly
• Accelerated weekly

Use our payment calculator to discover which option best fits your needs.

Selecting an Amortization Period

In many cases, you can select an amortization period of up to 30 years. Although a 25-year amortization period is a common choice, it’s not your only choice. A shorter amortization period can save you interest costs.

Prepayment Privileges

Use our payment calculator to see how our prepayment privileges can save you money over the life of your mortgage.

Double-up payments: Pay twice your regular mortgage payment on any payment date. This surplus is applied directly against the principal balance of your mortgage and saves interest costs.

Increase payments by 15%: Once each calendar year, you can increase your regular mortgage payment by up to 15%. This saves you interest and helps you build up home equity faster.

Annual payment: Pay up to 15% of the original principal balance in a lump sum, once annually.

For example, on a $100,000 mortgage:

* Savings assume interest of 10% for 25 years
** Regular payments of $894.49 continued after annual payment

Amounts shown are approximations only and are intended solely for educational purposes. Please consult with a London Life Mortgage Planning Specialist to see how our different payment options might fit your budget. Actual mortgage applications are subject to approval and London Life lending criteria.