Estimated time: 5 min.
Mortgage payment breakdown
Your monthly payment
Total interest paid
Total amount you pay in payments
Making a lump sum repayment to your existing home loan can help you save on interest paid (in the long run)! Be sure to check with your lender if there are any prepayment penalties first.
You can also save on interest paid on your loan if you opt for a shorter loan period (provided you can afford the slightly higher monthly payments).