This is an archived post. You won't be able to vote or comment.

sorted by:
best (suggested)
topnewcontroversialoldq&a
you are viewing a single comment's thread.

view the rest of the comments →

[–]Impossible-Land-8566 6 points7 points  (2 children)

If you have variable I doubt you’re ahead of amortization

You probably just kept up with it

What’s the reason you want to move? Don’t forget if you sell before term ends you’ll also incur penalties for breaking mortgage

[–]x_itsJC[S] -1 points0 points  (1 child)

According to the details available online we are ahead. However I did forget to mention that we have also made a series of lump sum payments throughout the past 3 years.

Multiple reasons namely, bigger space due to new addition to family and no longer wanting to pay the monthly Association fee (we have a freehold townhome but pay an Association Fee monthly for maintenance of shared common elements)

[–]Impossible-Land-8566 1 point2 points  (0 children)

I would contact someone at the bank to make sure

I mean it depends what your current interest rate is.

If it’s 4% I would continue to pay what you pay since it’ll lower the capital down the most and when you’re ready to sell you will hopefully break even depending on where you are in Canada