Help me pay down my mortgage

Want to pay down your mortgage faster? You would be amazed at how much you can save over time by paying a little extra now. Here are some bright ideas to help you lessen your debt.

1. Reduce your amortization period
2. Increase your monthly payments by up to 20%
3. Pay up to 20% of your original mortgage principal annually
4. Double your scheduled payment at any time
5. Divide your monthly payment into weekly, bi-weekly or semi-monthly installments

For Example: Reduce Your Amortization Period

Amortization is the number of years it will take to pay off your mortgage. A shorter amortization period means you pay less interest over the life of the mortgage.

*Based on a $100,000 mortgage at 6.50%, assuming a constant interest rate throughout the amortization period.

A Creative Arts Savings & Credit Union specialist can help you choose the right strategy to save a bundle of money and pay down your mortgage faster than you expected.

*Over the life of the mortgage.