Increase your payment frequency: Paying rapid bi-weekly instead of monthly can reduce your interest costs over the long term and help you to pay off your mortgage much faster.
Make lump-sum payments:
You can pay off up to 15% - 20% of the original borrowed amount of your fixed rate closed term mortgage every year, saving on interest costs and the time it takes to pay off your mortgage. The amounts vary by institution. So if you borrowed $120,000 originally, they will allow you to pay up to $24,000 in a lump sum payment. This is usually allowed on only one occasion per year.
Pre Payment Privileges:
You can pay off up to 15% - 20% of your monthly payment every month, For example: If your present mortgage payment is $1,000 per month you may be able to increase it to $1,200 per month ($1,000 X 20% = $1,200). The extra payment amount reduces a greater amount of your mortgage principal and therefore pays your mortgage off faster.