{"id":5503,"date":"2019-05-16T13:22:11","date_gmt":"2019-05-16T17:22:11","guid":{"rendered":"http:\/\/caissealliance.absoludev.ca\/?p=5503"},"modified":"2024-11-18T10:47:01","modified_gmt":"2024-11-18T15:47:01","slug":"how-to-reduce-your-interest-cost","status":"publish","type":"post","link":"https:\/\/www.caissealliance.com\/en\/personal\/loans-and-debts\/how-to-reduce-your-interest-cost\/","title":{"rendered":"How to Reduce Your Interest Cost"},"content":{"rendered":"<p><strong>With a lot of discipline and determination, you can stay on top of your debts.<\/strong><\/p>\n<ol>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"ordered\">Repay your credit card debts<\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"ordered\">Repay your mortgage<\/li>\n<\/ol>\n<h2>1-\u00a0Repay your credit card debts<\/h2>\n<h3>What do to<\/h3>\n<ul>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">Pay your credit card balance in full by the due date each month.<\/li>\n<\/ul>\n<h3><strong>If you can\u2019t pay your credit card balance on time<\/strong><\/h3>\n<ul>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\"><strong>Make a payment as soon as you can before the next statement comes out.<\/strong>\u00a0You\u2019ll save on interest charges, since they usually start from the date of purchase and until the balance is paid off in full.<\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">Get a low-interest rate credit card if you can\u2019t pay off your balance each month.<\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\"><strong>Get a line of credit<\/strong>\u00a0and use it to pay off your balance in full each month. A line of credit usually carries an interest rate lower than a low-rate card. You can save more in interest charges per year this way*<\/li>\n<\/ul>\n<h3><strong>If you never pay your credit card balance in full by the due date each month<\/strong><\/h3>\n<ul>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\"><strong>Stop using your credit card.<\/strong><br \/>\n<strong>Call your financial institution<\/strong>\u00a0and ask them to transfer your credit card balance to a lower interest line of credit or personal loan.<\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\"><strong>Find a way to cut back in your budget<\/strong>\u00a0to be able to put larger amounts toward paying off your debt.<\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\"><strong>Find a way to earn more money.<\/strong>\u00a0You just might have to find a 2nd job to be able to repay your debts. The satisfaction you\u2019ll get from seeing the amount you owe go down from day to day will make it all worthwhile.<\/li>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\">See\u00a0<a href=\"https:\/\/www.caissealliance.com\/en\/personal\/investment\/draw-up-a-monthly-budget\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-gc-link=\"https:\/\/absolu2.gathercontent.com\/item\/8443529\">Draw up a monthly budget<\/a><\/li>\n<\/ul>\n<h3><strong>Select the order in which you want to repay your debts<\/strong><\/h3>\n<p><strong>You can repay your debts in either of 2 ways:<\/strong><\/p>\n<ul type=\"disc\">\n<li>by starting with the ones with the highest interest rates first<\/li>\n<li>by starting with the ones with the smallest amounts first<\/li>\n<\/ul>\n<p>In either case, you\u2019ll have to make a list of your debts and save as much as you possibly can to eliminate them as fast as you can. It\u2019s up to you to determine in which order to repay them.<\/p>\n<p>Let\u2019s be honest: the first way is, logically, the one that pays off the most, since it allows you to rid yourself of the debts that cost you the most (the ones with the highest interest rates).<\/p>\n<p>But perhaps you\u2019re someone who gets a bigger sense of accomplishment by taking smaller, faster steps. If you are, the 2nd way may be better for you. Here\u2019s why: by focusing on paying off your smallest debt first and seeing it paid off quickly, you\u2019ll be more motivated to take on the 2nd and then the 3rd.<\/p>\n<p>The mind works in mysterious ways. As long as your way of doing it works for you, that\u2019s all that matters.<\/p>\n<h3><strong>As soon as you\u2019ve finished paying off a loan<\/strong><\/h3>\n<ul>\n<li data-gc-list-depth=\"1\" data-gc-list-style=\"bullet\"><strong>Continue to save<\/strong>\u00a0and put the money that was going toward it toward the next debt on your list.<\/li>\n<\/ul>\n<h3>Did you know?<\/h3>\n<ul>\n<li>When you take out a cash advance on a credit card, interest is charged as of the date of the advance until the time the amount is paid off in full.<\/li>\n<li>If you don\u2019t pay your credit card bill by the due date indicated on your statement, you\u2019ll be charged interest on the entire amount you owe until you pay it in full.<\/li>\n<\/ul>\n<h2>2- Repay your mortgage<\/h2>\n<h3><strong>Make the largest downpayment you can<\/strong><\/h3>\n<p>This will reduce the amount of your mortgage and the length of time it takes you to repay it. To help you increase your downpayment, you can use the\u00a0HBP. To avoid paying interest needlessly, consider buying a smaller home and paying it off in a period of 17 years.<\/p>\n<h3><strong>Reduce the repayment term<\/strong><\/h3>\n<p>You can save several thousands of dollars simply by reducing your mortgage repayment period, for example, by repaying your mortgage in 17 years instead of 25 or 30 years. You\u2019ll see just how much less interest you\u2019ll pay. To find out more, see the\u00a0interest cost comparison.<\/p>\n<p>Find out more \u2013 See\u00a0The cost of credit.<\/p>\n<h3><strong>Increase the amount of your payments<\/strong><\/h3>\n<p>If you can, repay up to 15% of the original mortgage amount each year (or each term if the term is less than 1 year.)<\/p>\n<p>Double your payments whenever possible.<\/p>\n<h3><strong>Make a substantial prepayment when you renew your loan<\/strong><\/h3>\n<p>This will greatly reduce the amount you pay in the long run.<\/p>\n<h3><strong>Make more payments<\/strong><\/h3>\n<p>Increase the frequency of payments to weekly or every two weeks and repay a bit more of your mortgage each time. In the long run, you\u2019ll save a substantial amount and reduce the length of time it takes you to repay your mortgage.<\/p>\n<p>With weekly payments, for example, you make the equivalent of 13 monthly payments a year, i.e., 4 weekly payments more, or 2 payments every 2 weeks more than a borrower on the regular payment plan.<\/p>\n<p>A mortgage of $100,000 at an interest rate of 7.5% amortized over 25 years would be paid off in 25 years with monthly payments, while the same mortgage would take 20 years to pay off with payments every 2 weeks.<\/p>\n<h2>Interest cost comparison<\/h2>\n<p>Let\u2019s take the example of a couple, age 35, who buys a $250,000 home with a downpayment of $45,000, and gets a mortgage of $205,000 from their financial institution.<\/p>\n<p>The tables below shows the real cost of their home if they repay their mortgage over 25 years vs. over 15 years.<\/p>\n<table>\n<tbody>\n<tr>\n<td width=\"24%\">\n<p align=\"center\"><strong>Cost of house<\/strong><\/p>\n<\/td>\n<td width=\"24%\">\n<p align=\"center\"><strong>Downpayment<br \/>\n(versement initial)<\/strong><\/p>\n<\/td>\n<td width=\"24%\">\n<p align=\"center\"><strong>Mortgage amount<\/strong><\/p>\n<\/td>\n<td width=\"24%\">\n<p align=\"center\"><strong>Interest rate<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"center\">$250,000<\/p>\n<\/td>\n<td>\n<p align=\"center\">$45,000<\/p>\n<\/td>\n<td>\n<p align=\"center\">$205,000<\/p>\n<\/td>\n<td>\n<p align=\"center\">6.75%<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>$205,000 mortgage repaid over 25 years<\/h3>\n<table>\n<tbody>\n<tr>\n<td width=\"14%\">\n<p align=\"center\"><strong>Payment frequency<\/strong><\/p>\n<\/td>\n<td width=\"14%\">\n<p align=\"center\"><strong>Payment amount<\/strong><\/p>\n<\/td>\n<td width=\"18%\">\n<p align=\"center\"><strong>Interest charges over 25 years<\/strong><\/p>\n<\/td>\n<td colspan=\"5\" width=\"51%\">\n<p align=\"center\"><strong>Total cost of home <\/strong><br \/>\n<strong>including interest<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"center\"><strong>Monthly<\/strong><\/p>\n<\/td>\n<td>\n<p align=\"center\">$1,404.35<\/p>\n<\/td>\n<td>\n<p align=\"center\">$216,306<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$250,000<\/p>\n<\/td>\n<td width=\"1%\">\n<p align=\"center\">+<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$216,306<\/p>\n<\/td>\n<td width=\"1%\">\n<p align=\"center\">=<\/p>\n<\/td>\n<td width=\"12%\">\n<p align=\"center\"><strong>$466,306<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"center\"><strong>Every 2 weeks<\/strong><\/p>\n<\/td>\n<td>\n<p align=\"center\">$702.18<\/p>\n<\/td>\n<td>\n<p align=\"center\">$171,113<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$250,000<\/p>\n<\/td>\n<td width=\"1%\">\n<p align=\"center\">+<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$171,113<\/p>\n<\/td>\n<td width=\"1%\">\n<p align=\"center\">=<\/p>\n<\/td>\n<td width=\"12%\">\n<p align=\"center\"><strong>$421,113<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"center\"><strong>Weekly<\/strong><\/p>\n<\/td>\n<td>\n<p align=\"center\">$351.09<\/p>\n<\/td>\n<td>\n<p align=\"center\">$170,603<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$250,000<\/p>\n<\/td>\n<td width=\"1%\">\n<p align=\"center\">+<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$170,603<\/p>\n<\/td>\n<td width=\"1%\">\n<p align=\"center\">=<\/p>\n<\/td>\n<td width=\"12%\">\n<p align=\"center\"><strong>$420,603<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>$205,000 mortgage repaid over 15 years<\/h3>\n<table>\n<tbody>\n<tr>\n<td width=\"13%\">\n<p align=\"center\"><strong>Payment frequency<\/strong><\/p>\n<\/td>\n<td width=\"13%\">\n<p align=\"center\"><strong>Payment amount<\/strong><\/p>\n<\/td>\n<td width=\"18%\">\n<p align=\"center\"><strong>Interest charges over 15 years<\/strong><\/p>\n<\/td>\n<td colspan=\"5\" width=\"52%\">\n<p align=\"center\"><strong>Total cost of home<\/strong><br \/>\n<strong>including interest<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"center\"><strong>Monthly<\/strong><\/p>\n<\/td>\n<td>\n<p align=\"center\">$1,803.51<\/p>\n<\/td>\n<td>\n<p align=\"center\">$119,631<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$250,000<\/p>\n<\/td>\n<td width=\"3%\">\n<p align=\"center\">+<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$119,631<\/p>\n<\/td>\n<td width=\"3%\">\n<p align=\"center\">=<\/p>\n<\/td>\n<td width=\"12%\">\n<p align=\"center\"><strong>$369,631<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"center\"><strong>Every 2 weeks<\/strong><\/p>\n<\/td>\n<td>\n<p align=\"center\">$901.75<\/p>\n<\/td>\n<td>\n<p align=\"center\">$101 883<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$250,000<\/p>\n<\/td>\n<td width=\"3%\">\n<p align=\"center\">+<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$101,883<\/p>\n<\/td>\n<td width=\"3%\">\n<p align=\"center\">=<\/p>\n<\/td>\n<td width=\"12%\">\n<p align=\"center\"><strong>$351,883<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p align=\"center\"><strong>Weekly<\/strong><\/p>\n<\/td>\n<td>\n<p align=\"center\">$450.88<\/p>\n<\/td>\n<td>\n<p align=\"center\">$101,571<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$250,000<\/p>\n<\/td>\n<td width=\"3%\">\n<p align=\"center\">+<\/p>\n<\/td>\n<td width=\"16%\">\n<p align=\"center\">$101,571<\/p>\n<\/td>\n<td width=\"3%\">\n<p align=\"center\">=<\/p>\n<\/td>\n<td width=\"12%\">\n<p align=\"center\"><strong>$351,571<\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>Mortgage loan insurance<\/h2>\n<p>If the amount of your downpayment is less than 20% of the home\u2019s value, you need to take out additional insurance, called mortgage loan insurance, from either the Canada Mortgage and Housing Corporation (CMHC) or Sagen\u2122.<\/p>\n<p>The insurance helps protect lending financial institutions against the risk of mortgage default, which rises with the amount of the loan.<\/p>\n<h3>Find out more<\/h3>\n<p>To find out more about mortgage loan insurance, see the\u00a0<a href=\"http:\/\/www.cmhc-schl.gc.ca\/en\/co\/moloin\/index.cfm\">Canada Mortgage and Housing Corporation (CMHC)<\/a>\u00a0Web site.<\/p>\n<p>&nbsp;<\/p>\n<p>* Source: Financial Consumer Agency of Canada.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a lot of discipline and determination, you can stay on top of your debts. Repay your credit card debts Repay your mortgage Pay your credit card balance in full by the due date each month. Make a payment as soon as you can before the next statement comes out.\u00a0You\u2019ll save on interest charges, since [&#8230;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[108],"tags":[],"class_list":["post-5503","post","type-post","status-publish","format-standard","hentry","category-loans-and-debts"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Reduce Your Interest Cost | Caisse Alliance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caissealliance.com\/en\/personal\/loans-and-debts\/how-to-reduce-your-interest-cost\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Reduce Your Interest Cost | Caisse Alliance\" \/>\n<meta property=\"og:description\" content=\"With a lot of discipline and determination, you can stay on top of your debts. 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Repay your credit card debts Repay your mortgage Pay your credit card balance in full by the due date each month. 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