20/20 pay-down

With our 20/20 pay-down option, you can pay up to 20% of your original mortgage principal each year in addition to increasing your scheduled payments by 20% without penalty. You'll be able to pay off your mortgage faster and save money on interest payments.

20% scheduled payment example:
Let's say you have the following mortgage description:

Mortgage: $200,000
Rate: 2.79%
25 year amortization
Monthly payment= $925.08

You can increase your scheduled payments by 20%.
$925.08 x 20%= $185.02

This means your maximum monthly payment could be $1110.10

If you pay $1110.10/month, your mortgage amortization is reduced from 25 years to 19.5 years! Not only do you pay down your mortgage faster but you'll pay less interest.

20% original principal example:
Let's keep the same mortgage details:

$200,000 mortgage over 25 years

You can put up to $40,000 extra on your mortgage per year ($200,000 x 20%=$40,000) over the duration of the mortgage without penalty. Again, you pay down your mortgage faster and save on interest!

If you're interested in taking advantage of our 20/20 pay-down option or want to discuss a mortgage, you can:

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From the desk of our CEO

Federal Continuance

For information on upcoming changes to DEPOSIT INSURANCE if we become a federal credit union, see our disclosure notice. Creditors who have concerns may contact Innovation Credit Union.

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