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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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Legal Disclaimer1)
Calculated, semi-annually not in advance.
Legal Disclaimer2)
Over the life of the mortgage, assuming constant interest rate throughout amortization period.