How an Extra $100 a Week Can Save You Thousands on Your Mortgage
Did you know that small changes to your mortgage payments can save you thousands of dollars and cut years off your loan?
Yes, really. In this post, I’ll show you exactly how I added $100 per week to my mortgage payment, saving over $6,000 in interest and shaving years off the life of my mortgage. If you’re looking for smart, realistic mortgage tips in Winnipeg, you’re in the right place.
The Power of Small Extra Payments
When it comes to paying off your mortgage, most people stick to their scheduled monthly payments. But did you know that even small extra payments—done consistently—can have a massive impact on your financial future?
Here’s the breakdown of what I did:
Increased my payments by $100/week
Maintained that habit consistently for 6 months
Resulted in over $6,000 saved in interest
Reduced my mortgage payoff timeline by several years
The math speaks for itself. If you have a $350,000 mortgage at a 5.5% interest rate, adding $100/week can save you well over $20,000 in interest and reduce your amortization period by up to 5 years, depending on your original term.
(Note: These are illustrative numbers. Your exact savings will depend on your mortgage amount, rate, and lender terms.)
Why This Strategy Works
Most lenders in Canada allow prepayment privileges. That means you can make extra payments toward your principal—either by increasing your regular payment or making lump sum contributions—without penalties.
When you add even a small amount to your weekly or bi-weekly mortgage payments, you’re reducing the principal faster. Less principal = less interest = faster payoff.
This isn’t about making massive sacrifices. It’s about consistently making manageable, incremental changes. And that’s something almost anyone can do.
How to Implement This With Your Own Mortgage
Here’s how to get started:
Check your mortgage terms: Make sure your lender allows additional payments without penalties.
Decide on an amount: It could be $25, $50, or $100 per week—whatever works for your budget.
Set it up automatically: Most lenders allow you to increase your payment frequency or add automatic top-ups.
Track your progress: Watching your principal shrink faster is seriously motivating.
If you’re not sure how to calculate the impact of extra payments, there are many online mortgage calculators that let you plug in different payment scenarios.
Why This Matters in a Market Like Winnipeg
Homeownership in Winnipeg is still relatively affordable compared to other Canadian markets—but that doesn’t mean you should pay more than you have to. With interest rates higher than they’ve been in years, strategies like this can give you a powerful financial edge.
As a local REALTOR® in Winnipeg, I talk to buyers and homeowners every day who are looking for ways to be smarter with their finances. This tip is one of the easiest and most effective ways to build long-term wealth through real estate.
See the Full Breakdown in My Instagram Video
If you want to see the numbers in action and hear me walk through exactly how I applied this strategy, head to my Instagram profile. I’ll show you the real math and how you can do it too.
Find me on Instagram @yourwinnipegrealtor and watch the video for a full walkthrough.
Final Thoughts
Paying off your mortgage faster doesn’t have to mean cutting your lifestyle or winning the lottery. With small, consistent changes—like an extra $100 per week—you can dramatically reduce your interest costs and reach financial freedom faster.
If you’re thinking about buying a home or want help reviewing your current mortgage strategy, I’d love to connect.
Ready to make your mortgage work for you?
Watch my full breakdown on Instagram and learn how you can start saving today.
