Best Strategies for Paying Mortgage Off Early and Saving on Interest

Paying off a Canadian mortgage early saves thousands in interest by reducing amortization. Strategies include switching to accelerated bi-weekly or weekly payments, using annual prepayment privileges (up to 20%), increasing payments annually, and applying tax refunds or bonuses as lump sums. Early principal payments yield greater savings. Closed mortgages limit prepayments; open ones allow full flexibility but at higher rates. Avoid penalties by understanding terms and prioritize high-interest debt first.