Wednesday, October 31, 2018

Can't Afford Financial Freedom? Start with these THREE Steps

Overcoming the No Money Hurdle.
This is how I feel when I need to finance a new deal.
I recently sent out a 2-minute survey about financial freedom. If you haven't responded, feel free to  fill it out HERE -  it's fun, super-quick, and your response will help me understand what's important to you.

It'll also give you a moment to think about your personal financial goals.

One of the survey questions was:

"What's holding you back from reaching financial freedom?"

So far, the top-most response with 58% vote is:

"I can't afford it. Not enough money"

I thought it would be helpful if I gave you the exact steps I followed to finance my real estate assets. This approach worked for me over a dozen times.

Step 1: Acquire an Asset not a Liability 

An asset puts money in your pocket. A liability takes money away from you. 

Assets are easier to finance than liabilities. 

By definition, assets make money and, hence, provide a less risky security for a prospective lender.
A typical A or B lender always makes money, no matter if you pay your mortgage or not:

  • If you stop paying your mortgage, the lender can collect the rent instead of you. This is why many lenders require a current lease agreement, so that they have a way to verify how much income you collect from the asset. This gives them a method to make money, even in the worst case.

  • In case of default, the lender can choose to sell your property. If your property makes money and is priced under market, there will be lots of buyers - the sale will be quick and easy. This is why most lenders will also require that an appraiser they approve off, provides a current market assessment and confirms the market value of the property. The bank will only finance up to 65-80% of the value. 
On the flip side, all your liabilities add up and play against you. You may be able to get financing for the first few real estate properties, which are not cash positive, if your personal income can support paying for them. However,

  • Most traditional lenders will turn you down, if your debt service ratio is worse than 44%. This means that at the most, 44% of your income has to be enough to cover all your interest, tax, and heating payments. 

  • When you go after liabilities, you reach this 44% ratio very fast. As soon as that happens, most traditional lenders stop giving you money. Your strategy becomes too risky for them.

Keep in mind that you can usually find more creative ways to finance the deal. However, in my experience, creativity usually is expensive. You have to get more expensive money from lenders who don't mind extra risk or trade equity for money. Either way, mathematically there is a point at which financing cost turns your property from an asset into a liability - you start losing money.

Long story short - getting financing for assets is a LOT easier and more affordable than getting financing for liabilities. 

My recommendation is to focus only on assets and stay away from liabilities. 

Step 2: Play by Lenders' Rules 

There are numerous lenders out there. Each lender has their unique underwriting rules and procedures. These are similar on a high level, yet minor nuances sometimes make a big difference. You might not qualify with some of the lenders, but be a perfect candidate with others.

Underwriting is the process by which a lender determines whether you qualify for a mortgage or a loan with them. Knowing how the underwriting process works is half the battle.

Hence, it's beneficial to work with an expert who knows this process inside out and can help you navigate through the mortgage application, and position you properly with the lenders, where you have the most chance. It's similar to resume writing and interview process - a good mortgage broker can help you with your money resume and your money application.

If you don't qualify at the moment, an expert mortgage broker can explain to you what may be missing. This way, you can plan your next step and work your way to your next deal. Alternatively, knowing what is missing, you can find ways to partner with friends, family, or third parties to fill in the blanks and make the deal work. Understanding lenders' rules gives you a chance to structure your deal correctly and make things work.

Financing is a repetitive task. At the minimum, you have to review financing for each asset every 5 years. When you build your portfolio aggressively, financing becomes a never-ending ongoing task.

You are always looking for money. You are always looking for ways to replace expensive money with more affordable money. Every time you find cheaper money, your cash flow goes up. 

Financing mistakes are costly. In my experience, each finance/re-finance transaction ends up costing at least $7,000 on a small residential deal. On an ongoing basis, my regular mortgage payment is often just under 50% of gross rent.

It makes sense to have a good partner on financing side of things. The last three transactions that I completed were possible thanks to the help I got from the Loan Central team. 

If you are in GTA and access to money is your biggest hurdle, give Loan Central a call! It doesn't cost you anything to ask the question. You could also drop in and attend one of their weekly meet ups. I've attended several and found lots of great FREE information and connected with a few like-minded people.

Here's Loan Central's contact info. They helped me multiple times.
If you have financing related questions, ask them!

Step 3: Be Extremely Organized 

No matter how many assets you plan to acquire - one, two, ten, 50, or a 100, stay organized.

On many occasions, lenders, mortgage brokers, and money partners complimented me on giving them the information they needed quickly and in the format that was easy for them to follow.

Lenders typically need a lot of information to complete their underwriting process and determine whether you qualify for a loan with them.

The way you present the information and its accuracy makes it easier or harder for lenders to make the decision.

It's in your best interest to make your application to be as easy to evaluate as possible.

  • Provide complete accurate information 
  • Double check all numbers against supporting documents before you submit information
  • Make it a rule to keep track of information on a regular basis - after all, making money is what you are after. 
You will make MORE MONEY, if you keep track of it.

This is how I feel
when I finalize financing for a new deal

Here is a link to download my Excel tracking template. If you'd like it FREE, please email me and ask me to email my sample Excel portfolio template back to you. I'll respond as quickly as I can.

Here's an old blog post on what sort of documents you'd typically be asked to provide when you apply for a mortgage.

Hope you find this blog post helpful. If you have any comments or questions about money, please leave me a comment below.

PS You also might be wondering how you can come up with a down payment. That'll be in one of my future blog posts. Please stay tuned.

The Beauty of A La Carte Property Management

Loving A La Carte Property Management
A friend of mine runs an amazing property management company – they offer on demand white glove property management services. I call it a la carte property management.

I think this service is amazing. In fact, it’s just perfect. I tried it last month on one of my rentals and absolutely LOVED it.

To start, let me share my view on traditional property management and some challenges that I've come across.

This will help me explain why I am so excited about a la carte property management!

The Pains of Traditional Property Management

Traditionally, property managers charge a percentage of gross rent per month. Usually, somewhere between 5% and 8.5% of your gross rent. For example, if you rent a unit for $1,500, you’d be paying around $100 a month to the property manager. You pay based on proforma, not actual, i.e whether or not your tenant pays rent, you still pay your property manager.

Given a skinny average cash flow of $200 per unit, property management could easily take away half of your cash flow. So instead of getting $200 a month in your pocket and self-managing the unit, you’d be getting $100 a month from the unit when you outsource property management.

The biggest benefit of hiring a property management company is that your property manager becomes the point of contact for your tenants, instead of you. You never see, communicate with or hear from your tenants. Your tenants contact your property manager with all their questions and issues. The property manager coordinates issue resolution, gets your approval on costly items, and sends you an invoice at the end of the month. This invoice includes:

  • Property management fee of 5 – 8.5% 
  • Cost of labour to resolve issues
  • Cost of materials to resolve issues
Traditional Property Management can get Ugly
Here are some examples of what is not included in the property management fee and will be added as an extra line item on your invoice:

Painting / cleaning / making unit ready for a new tenant, plumbing issues, snow/grass care, new tenant search, sending an eviction notice to a non-paying tenant, representing you at the landlord and tenant board, fixing a broken screen on a window, etc. 

Basically, everything is extra with the exception of:

  • rent collection 
  • the contact phone / email that your tenants get to call when they need help
  • in some cases, annual rent increases. In my case, I have to remind my property manager about these.

In theory, this model works great for hands-off investors. You pay someone else to take care of your property and your tenants. You pay the invoice to cover all associated costs. You trust your property manager to do a great job and believe they will act in your best interests. You sleep great at night and can spend your time doing something more exciting than answering your tenants’ calls.

However, in my experience so far, the model seems to fail frequently. 

Some property managers that I’ve run into would let your unit stay vacant for many months. They wouldn’t put in any effort into collecting rent. 

They’d procrastinate for many-many months keeping issues that are important from owner stand-point in their waiting queue, and decide that it's not necessary to address these issues at all. 

They’d find a gazillion excuses and explanations of why some issues cannot be addressed or addressed timely. 

In the meantime, your have zero interaction with your tenant and practically no insight into what is actually going on at your property - you are at the mercy of your property manager. 

While you are becoming more and more frustrated with how things are going, the property manager still collects the monthly fee.

And the issues that are bothering you and costing you time and money still remain open, adding up to hundreds and sometimes thousands of dollars.

The Beauty of A La Carte Property Management

The way on demand property management works is very simple.

You run your property the way you like. You keep in touch with your tenants. When you need an extra set of hands or an expert to do a certain property management or tenant management task, you pay for the service.

There is no monthly fee. You pay as you go.

In my case, I have a triplex in Guelph. My monthly gross rent is $3,126. I have long term tenants in two units. They are great tenants and rarely have issues or requests. They keep an eye on the property and bring up issues that need my attention. We have a great relationship. There is really no need to hire a property manager to manage these two tenants.

The third unit has higher turnover. My last tenant was a young professional. He bought his own place and moved out. I needed to find a new tenant. 

The property is about an hour away from my place. I have so much going on that I really had no time to clean, freshen up the unit, market it, screen applicants, etc.

In addition, I recently re-financed the property and pulled out most of the equity. As a result, my cash flow is barely positive. Every penny counts. There is no room for an ongoing property management cost.

Hiring a traditional property management company doesn’t feel right and, frankly speaking, isn’t cost effective.

A la carte property management, on the other hand, is just perfect.

What I needed was:
  • Great team to freshen up the unit and get some work done - mainly cleaning plus repair a couple of minor things
  • Expert marketing and advertising - respond to numerous requests timely
  • Run an open house for all interested applicants and show the unit
  • Complete applicant screening, reference / background checks, etc.
  • Help me choose a great new tenant.

This was exactly what I got! It took them under a week. I got a great price. 

I loved the experience and the result:

Feeling Happy!

Zero vacancy.
Perfect new tenant.
No ongoing cost.
Got exactly the services I needed when I needed them.

Would you like to try a la carte property management? 

Ping me in comments below, if you’d like a referral to my friend’s firm. They are based in Toronto and serve a pretty wide radius. 

A la carte property management also works great for 2nd homes and cottages. For example, you can outsource your Spring / Fall routine to a professional property manager. 

Mortgage FREE by 2023

Ready, set... where to?
This month I started my FAST AND FURIOUS mortgage pay down, on my primary residence.

Based on the theory that I’m following, my home is my liability. It’s taking money out of my pocket every month. Mortgage payment is a huge portion of my monthly expenses.

What I learned a while ago, yet am just now starting to realize for myself – is that you don’t have to pay mortgage for the next 25-30 years. You can be mortgage FREE much faster and often with minimal additional hassle.

I have $339,089 left on my mortgage and 23 years to go. I'll be mortgage free by 2041. The year I turn 60. Long way to go. This is my Status Quo.

Luckily, I have a plan B, my new FAST AND FURIOUS mortgage pay down plan.

So, let the adventure begin.

  1. I transferred $14,063 payment from my line of credit towards the principal
  2. I thought "Wow, that was easy!"
  3. I checked: My outstanding amount has dropped to $325,026 and only 21 years more to go.

By the way, here's an Excel tool that I now use to do all my numbers when it comes to planning accelerated mortgage pay down and tracking my results. It simplifies the process a lot!

It works! It's this simple!

Now, over the next few days, I'll redirect all my day-to-day incoming and outgoing payments to the credit line account. This will ensure that the 14K I've borrowed will get paid down as fast as possible from miscellaneous left-overs. Line of credit balance over a short time will cost me a reasonable amount of interest, especially if you compare to the amount of interest I'd have to pay, if I stayed with the traditional pay down schedule.

To see the full impact of accelerating mortgage pay off - scroll down. This is the maximum acceleration I can get. It will likely require me to be frugal and creative.

It's my own choice to go at the fastest speed. Everyone's situation is different, and you can choose the speed that you feel the most happy about. If you need help or have a question, let me know.

There are ways to be mortgage free fast, without putting yourself under a lot of pressure. Someone just needs to show you the way.

You need to work with a great partner. Ask me about it in the comments if interested and would like a referral.

Below is my status quo and my new plan. I'm curious to find out - What your plan is? 


Please scroll down to the bottom of the table. I have a point....

Let's see where I'll be in 2041

AgePeriodPayment DatePrincipalInterestTotal InterestBalance
37 105-Oct-18$388$407$407$338,700.91
37 219-Oct-18$389$406$813$338,312.36
37 302-Nov-18$389$406$1,219$337,923.34
37 416-Nov-18$389$405$1,624$337,533.86
37 530-Nov-18$390$405$2,029$337,143.91
37 614-Dec-18$390$404$2,433$336,753.49
37 728-Dec-18$391$404$2,837$336,362.60
38 811-Jan-19$391$403$3,241$335,971.24
38 925-Jan-19$392$403$3,644$335,579.41
38 1008-Feb-19$392$403$4,046$335,187.11
38 1122-Feb-19$393$402$4,448$334,794.34
38 1208-Mar-19$393$402$4,850$334,401.10
38 1322-Mar-19$394$401$5,251$334,007.39
38 1405-Apr-19$394$401$5,652$333,613.21
38 1519-Apr-19$395$400$6,052$333,218.56
38 1603-May-19$395$400$6,452$332,823.43
38 1717-May-19$396$399$6,851$332,427.83
38 1831-May-19$396$399$7,250$332,031.75
38 1914-Jun-19$397$398$7,648$331,635.20
38 2028-Jun-19$397$398$8,046$331,238.17
38 2112-Jul-19$398$397$8,443$330,840.67
38 2226-Jul-19$398$397$8,840$330,442.69
38 2309-Aug-19$398$396$9,236$330,044.23
38 2423-Aug-19$399$396$9,632$329,645.30
38 2506-Sep-19$399$395$10,028$329,245.89
38 2620-Sep-19$400$395$10,423$328,846.00
38 2704-Oct-19$400$394$10,817$328,445.63
38 2818-Oct-19$401$394$11,211$328,044.78
38 2901-Nov-19$401$394$11,605$327,643.45
38 3015-Nov-19$402$393$11,998$327,241.64
38 3129-Nov-19$402$393$12,390$326,839.34
38 3213-Dec-19$403$392$12,782$326,436.56
38 3327-Dec-19$403$392$13,174$326,033.30
39 3410-Jan-20$404$391$13,565$325,629.55
39 3524-Jan-20$404$391$13,955$325,225.32
39 3607-Feb-20$405$390$14,345$324,820.60
39 3721-Feb-20$405$390$14,735$324,415.40
39 3806-Mar-20$406$389$15,124$324,009.71
39 3920-Mar-20$406$389$15,513$323,603.54
39 4003-Apr-20$407$388$15,901$323,196.88
39 4117-Apr-20$407$388$16,289$322,789.73
39 4201-May-20$408$387$16,676$322,382.09
39 4315-May-20$408$387$17,063$321,973.96
39 4429-May-20$409$386$17,449$321,565.34
39 4512-Jun-20$409$386$17,835$321,156.23
39 4626-Jun-20$410$385$18,220$320,746.63
39 4710-Jul-20$410$385$18,605$320,336.54
39 4824-Jul-20$411$384$18,989$319,925.96
39 4907-Aug-20$411$384$19,373$319,514.89
39 5021-Aug-20$412$383$19,756$319,103.33
39 5104-Sep-20$412$383$20,139$318,691.27
39 5218-Sep-20$413$382$20,521$318,278.72
39 5302-Oct-20$413$382$20,903$317,865.67
39 5416-Oct-20$414$381$21,284$317,452.13
39 5530-Oct-20$414$381$21,665$317,038.09
39 5613-Nov-20$415$380$22,045$316,623.55
39 5727-Nov-20$415$380$22,425$316,208.52
39 5811-Dec-20$416$379$22,804$315,792.99
39 5925-Dec-20$416$379$23,183$315,376.96
40 6008-Jan-21$417$378$23,561$314,960.43
40 6122-Jan-21$417$378$23,939$314,543.40
40 6205-Feb-21$418$377$24,316$314,125.87
40 6319-Feb-21$418$377$24,693$313,707.84
40 6405-Mar-21$419$376$25,069$313,289.31
40 6519-Mar-21$419$376$25,445$312,870.28
40 6602-Apr-21$420$375$25,821$312,450.74
40 6716-Apr-21$420$375$26,195$312,030.70
40 6830-Apr-21$421$374$26,570$311,610.16
40 6914-May-21$421$374$26,943$311,189.11
40 7028-May-21$422$373$27,317$310,767.56
40 7111-Jun-21$422$373$27,689$310,345.50
40 7225-Jun-21$423$372$28,062$309,922.94
40 7309-Jul-21$423$372$28,433$309,499.87
40 7423-Jul-21$424$371$28,805$309,076.29
40 7506-Aug-21$424$371$29,175$308,652.20
40 7620-Aug-21$425$370$29,546$308,227.61
40 7703-Sep-21$425$370$29,915$307,802.51
40 7817-Sep-21$426$369$30,285$307,376.90
40 7901-Oct-21$426$369$30,653$306,950.78
40 8015-Oct-21$427$368$31,022$306,524.14
40 8129-Oct-21$427$368$31,389$306,096.99
40 8212-Nov-21$428$367$31,756$305,669.33
40 8326-Nov-21$428$367$32,123$305,241.16
40 8410-Dec-21$429$366$32,489$304,812.47
40 8524-Dec-21$429$366$32,855$304,383.27
41 8607-Jan-22$430$365$33,220$303,953.55
41 8721-Jan-22$430$365$33,585$303,523.32
41 8804-Feb-22$431$364$33,949$303,092.57
41 8918-Feb-22$431$364$34,312$302,661.31
41 9004-Mar-22$432$363$34,675$302,229.53
41 9118-Mar-22$432$363$35,038$301,797.23
41 9201-Apr-22$433$362$35,400$301,364.41
41 9315-Apr-22$433$361$35,761$300,931.07
41 9429-Apr-22$434$361$36,122$300,497.21
41 9513-May-22$434$360$36,483$300,062.83
41 9627-May-22$435$360$36,843$299,627.93
41 9710-Jun-22$435$359$37,202$299,192.51
41 9824-Jun-22$436$359$37,561$298,756.57
41 9908-Jul-22$436$358$37,919$298,320.11
41 10022-Jul-22$437$358$38,277$297,883.12
41 10105-Aug-22$438$357$38,634$297,445.61
41 10219-Aug-22$438$357$38,991$297,007.57
41 10302-Sep-22$439$356$39,348$296,569.01
41 10416-Sep-22$439$356$39,703$296,129.92
41 10530-Sep-22$440$355$40,058$295,690.30
41 10614-Oct-22$440$355$40,413$295,250.16
41 10728-Oct-22$441$354$40,767$294,809.49
41 10811-Nov-22$441$354$41,121$294,368.29
41 10925-Nov-22$442$353$41,474$293,926.56
41 11009-Dec-22$442$353$41,827$293,484.30
41 11123-Dec-22$443$352$42,179$293,041.51
42 11206-Jan-23$443$352$42,530$292,598.19
42 11320-Jan-23$444$351$42,881$292,154.34
42 11403-Feb-23$444$350$43,232$291,709.96
42 11517-Feb-23$445$350$43,581$291,265.04
42 11603-Mar-23$445$349$43,931$290,819.59
42 11717-Mar-23$446$349$44,280$290,373.60
42 11831-Mar-23$447$348$44,628$289,927.08
42 11914-Apr-23$447$348$44,976$289,480.02
42 12028-Apr-23$448$347$45,323$289,032.43
42 12112-May-23$448$347$45,670$288,584.30
42 12226-May-23$449$346$46,016$288,135.63
42 12309-Jun-23$449$346$46,362$287,686.43
42 12423-Jun-23$450$345$46,707$287,236.69
42 12507-Jul-23$450$345$47,051$286,786.41
42 12621-Jul-23$451$344$47,395$286,335.59
42 12704-Aug-23$451$343$47,739$285,884.23
42 12818-Aug-23$452$343$48,082$285,432.32
42 12901-Sep-23$452$342$48,424$284,979.87
42 13015-Sep-23$453$342$48,766$284,526.88
42 13129-Sep-23$454$341$49,107$284,073.35
42 13213-Oct-23$454$341$49,448$283,619.27
42 13327-Oct-23$455$340$49,788$283,164.65
42 13410-Nov-23$455$340$50,128$282,709.48
42 13524-Nov-23$456$339$50,467$282,253.77
42 13608-Dec-23$456$339$50,805$281,797.51
42 13722-Dec-23$457$338$51,143$281,340.70
43 13805-Jan-24$457$337$51,481$280,883.34
43 13919-Jan-24$458$337$51,818$280,425.44
43 14002-Feb-24$458$336$52,154$279,966.99
43 14116-Feb-24$459$336$52,490$279,507.99
43 14201-Mar-24$460$335$52,825$279,048.44
43 14315-Mar-24$460$335$53,160$278,588.33
43 14429-Mar-24$461$334$53,494$278,127.67
43 14512-Apr-24$461$334$53,828$277,666.46
43 14626-Apr-24$462$333$54,161$277,204.70
43 14710-May-24$462$333$54,493$276,742.38
43 14824-May-24$463$332$54,825$276,279.51
43 14907-Jun-24$463$331$55,157$275,816.08
43 15021-Jun-24$464$331$55,488$275,352.10
43 15105-Jul-24$465$330$55,818$274,887.56
43 15219-Jul-24$465$330$56,148$274,422.46
43 15302-Aug-24$466$329$56,477$273,956.81
43 15416-Aug-24$466$329$56,805$273,490.60
43 15530-Aug-24$467$328$57,133$273,023.83
43 15613-Sep-24$467$328$57,461$272,556.50
43 15727-Sep-24$468$327$57,788$272,088.61
43 15811-Oct-24$468$326$58,114$271,620.16
43 15925-Oct-24$469$326$58,440$271,151.14
43 16008-Nov-24$470$325$58,765$270,681.56
43 16122-Nov-24$470$325$59,090$270,211.42
43 16206-Dec-24$471$324$59,414$269,740.71
43 16320-Dec-24$471$324$59,738$269,269.44
44 16403-Jan-25$472$323$60,061$268,797.60
44 16517-Jan-25$472$322$60,383$268,325.20
44 16631-Jan-25$473$322$60,705$267,852.23
44 16714-Feb-25$474$321$61,026$267,378.69
44 16828-Feb-25$474$321$61,347$266,904.59
44 16914-Mar-25$475$320$61,667$266,429.92
44 17028-Mar-25$475$320$61,987$265,954.68
44 17111-Apr-25$476$319$62,306$265,478.87
44 17225-Apr-25$476$318$62,624$265,002.49
44 17309-May-25$477$318$62,942$264,525.54
44 17423-May-25$478$317$63,259$264,048.01
44 17506-Jun-25$478$317$63,576$263,569.91
44 17620-Jun-25$479$316$63,892$263,091.24
44 17704-Jul-25$479$316$64,208$262,611.99
44 17818-Jul-25$480$315$64,523$262,132.17
44 17901-Aug-25$480$314$64,837$261,651.77
44 18015-Aug-25$481$314$65,151$261,170.80
44 18129-Aug-25$482$313$65,464$260,689.25
44 18212-Sep-25$482$313$65,777$260,207.12
44 18326-Sep-25$483$312$66,089$259,724.41
44 18410-Oct-25$483$312$66,401$259,241.13
44 18524-Oct-25$484$311$66,712$258,757.27
44 18607-Nov-25$484$310$67,022$258,272.83
44 18721-Nov-25$485$310$67,332$257,787.80
44 18805-Dec-25$486$309$67,641$257,302.19
44 18919-Dec-25$486$309$67,950$256,816.00
45 19002-Jan-26$487$308$68,258$256,329.23
45 19116-Jan-26$487$307$68,565$255,841.87
45 19230-Jan-26$488$307$68,872$255,353.93
45 19313-Feb-26$489$306$69,179$254,865.40
45 19427-Feb-26$489$306$69,484$254,376.29
45 19513-Mar-26$490$305$69,789$253,886.59
45 19627-Mar-26$490$305$70,094$253,396.30
45 19710-Apr-26$491$304$70,398$252,905.42
45 19824-Apr-26$491$303$70,701$252,413.96
45 19908-May-26$492$303$71,004$251,921.91
45 20022-May-26$493$302$71,306$251,429.27
45 20105-Jun-26$493$302$71,608$250,936.03
45 20219-Jun-26$494$301$71,909$250,442.20
45 20303-Jul-26$494$300$72,209$249,947.78
45 20417-Jul-26$495$300$72,509$249,452.77
45 20531-Jul-26$496$299$72,808$248,957.16
45 20614-Aug-26$496$299$73,107$248,460.96
45 20728-Aug-26$497$298$73,405$247,964.16
45 20811-Sep-26$497$297$73,702$247,466.77
45 20925-Sep-26$498$297$73,999$246,968.78
45 21009-Oct-26$499$296$74,295$246,470.19
45 21123-Oct-26$499$296$74,591$245,971.01
45 21206-Nov-26$500$295$74,886$245,471.23
45 21320-Nov-26$500$294$75,181$244,970.85
45 21404-Dec-26$501$294$75,474$244,469.87
45 21518-Dec-26$502$293$75,768$243,968.29
46 21601-Jan-27$502$293$76,060$243,466.11
46 21715-Jan-27$503$292$76,352$242,963.32
46 21829-Jan-27$503$291$76,644$242,459.93
46 21912-Feb-27$504$291$76,935$241,955.94
46 22026-Feb-27$505$290$77,225$241,451.34
46 22112-Mar-27$505$290$77,515$240,946.14
46 22226-Mar-27$506$289$77,804$240,440.33
46 22309-Apr-27$506$288$78,092$239,933.91
46 22423-Apr-27$507$288$78,380$239,426.89
46 22507-May-27$508$287$78,667$238,919.26
46 22621-May-27$508$287$78,954$238,411.02
46 22704-Jun-27$509$286$79,240$237,902.17
46 22818-Jun-27$509$285$79,525$237,392.71
46 22902-Jul-27$510$285$79,810$236,882.64
46 23016-Jul-27$511$284$80,094$236,371.96
46 23130-Jul-27$511$284$80,377$235,860.66
46 23213-Aug-27$512$283$80,660$235,348.75
46 23327-Aug-27$513$282$80,943$234,836.23
46 23410-Sep-27$513$282$81,224$234,323.09
46 23524-Sep-27$514$281$81,505$233,809.34
46 23608-Oct-27$514$280$81,786$233,294.97
46 23722-Oct-27$515$280$82,066$232,779.98
46 23805-Nov-27$516$279$82,345$232,264.37
46 23919-Nov-27$516$279$82,624$231,748.15
46 24003-Dec-27$517$278$82,902$231,231.31
46 24117-Dec-27$517$277$83,179$230,713.85
46 24231-Dec-27$518$277$83,456$230,195.77
47 24314-Jan-28$519$276$83,732$229,677.06
47 24428-Jan-28$519$276$84,007$229,157.73
47 24511-Feb-28$520$275$84,282$228,637.78
47 24625-Feb-28$521$274$84,556$228,117.21
47 24710-Mar-28$521$274$84,830$227,596.01
47 24824-Mar-28$522$273$85,103$227,074.19
47 24907-Apr-28$522$272$85,375$226,551.74
47 25021-Apr-28$523$272$85,647$226,028.66
47 25105-May-28$524$271$85,918$225,504.96
47 25219-May-28$524$271$86,189$224,980.63
47 25302-Jun-28$525$270$86,459$224,455.67
47 25416-Jun-28$526$269$86,728$223,930.08
47 25530-Jun-28$526$269$86,997$223,403.86
47 25614-Jul-28$527$268$87,264$222,877.01
47 25728-Jul-28$527$267$87,532$222,349.53
47 25811-Aug-28$528$267$87,799$221,821.41
47 25925-Aug-28$529$266$88,065$221,292.66
47 26008-Sep-28$529$265$88,330$220,763.28
47 26122-Sep-28$530$265$88,595$220,233.26
47 26206-Oct-28$531$264$88,859$219,702.60
47 26320-Oct-28$531$264$89,123$219,171.31
47 26403-Nov-28$532$263$89,386$218,639.38
47 26517-Nov-28$533$262$89,648$218,106.81
47 26601-Dec-28$533$262$89,909$217,573.60
47 26715-Dec-28$534$261$90,170$217,039.75
47 26829-Dec-28$534$260$90,431$216,505.26
48 26912-Jan-29$535$260$90,690$215,970.13
48 27026-Jan-29$536$259$90,949$215,434.36
48 27109-Feb-29$536$258$91,208$214,897.95
48 27223-Feb-29$537$258$91,466$214,360.89
48 27309-Mar-29$538$257$91,723$213,823.19
48 27423-Mar-29$538$256$91,979$213,284.85
48 27506-Apr-29$539$256$92,235$212,745.86
48 27620-Apr-29$540$255$92,490$212,206.22
48 27704-May-29$540$255$92,745$211,665.94
48 27818-May-29$541$254$92,999$211,125.01
48 27901-Jun-29$542$253$93,252$210,583.43
48 28015-Jun-29$542$253$93,505$210,041.20
48 28129-Jun-29$543$252$93,757$209,498.32
48 28213-Jul-29$544$251$94,008$208,954.79
48 28327-Jul-29$544$251$94,259$208,410.61
48 28410-Aug-29$545$250$94,508$207,865.77
48 28524-Aug-29$545$249$94,758$207,320.28
48 28607-Sep-29$546$249$95,007$206,774.14
48 28721-Sep-29$547$248$95,255$206,227.34
48 28805-Oct-29$547$247$95,502$205,679.88
48 28919-Oct-29$548$247$95,749$205,131.77
48 29002-Nov-29$549$246$95,995$204,583.00
48 29116-Nov-29$549$245$96,240$204,033.57
48 29230-Nov-29$550$245$96,485$203,483.48
48 29314-Dec-29$551$244$96,729$202,932.73
48 29428-Dec-29$551$243$96,972$202,381.32
49 29511-Jan-30$552$243$97,215$201,829.25
49 29625-Jan-30$553$242$97,457$201,276.52
49 29708-Feb-30$553$241$97,699$200,723.13
49 29822-Feb-30$554$241$97,939$200,169.07
49 29908-Mar-30$555$240$98,180$199,614.35
49 30022-Mar-30$555$239$98,419$199,058.96
49 30105-Apr-30$556$239$98,658$198,502.91
49 30219-Apr-30$557$238$98,896$197,946.19
49 30303-May-30$557$237$99,133$197,388.80
49 30417-May-30$558$237$99,370$196,830.74
49 30531-May-30$559$236$99,606$196,272.01
49 30614-Jun-30$559$235$99,842$195,712.61
49 30728-Jun-30$560$235$100,076$195,152.54
49 30812-Jul-30$561$234$100,310$194,591.80
49 30926-Jul-30$561$233$100,544$194,030.39
49 31009-Aug-30$562$233$100,777$193,468.30
49 31123-Aug-30$563$232$101,009$192,905.54
49 31206-Sep-30$563$231$101,240$192,342.10
49 31320-Sep-30$564$231$101,471$191,777.99
49 31404-Oct-30$565$230$101,701$191,213.20
49 31518-Oct-30$565$229$101,930$190,647.73
49 31601-Nov-30$566$229$102,159$190,081.59
49 31715-Nov-30$567$228$102,387$189,514.77
49 31829-Nov-30$568$227$102,614$188,947.27
49 31913-Dec-30$568$227$102,841$188,379.09
49 32027-Dec-30$569$226$103,067$187,810.22
50 32110-Jan-31$570$225$103,292$187,240.67
50 32224-Jan-31$570$225$103,517$186,670.44
50 32307-Feb-31$571$224$103,741$186,099.53
50 32421-Feb-31$572$223$103,964$185,527.93
50 32507-Mar-31$572$223$104,186$184,955.64
50 32621-Mar-31$573$222$104,408$184,382.67
50 32704-Apr-31$574$221$104,629$183,809.01
50 32818-Apr-31$574$220$104,850$183,234.66
50 32902-May-31$575$220$105,070$182,659.62
50 33016-May-31$576$219$105,289$182,083.89
50 33130-May-31$576$218$105,507$181,507.47
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50 33327-Jun-31$578$217$105,942$180,352.56
50 33411-Jul-31$578$216$106,158$179,774.07
50 33525-Jul-31$579$216$106,374$179,194.88
50 33608-Aug-31$580$215$106,589$178,615.00
50 33722-Aug-31$581$214$106,803$178,034.42
50 33805-Sep-31$581$214$107,017$177,453.15
50 33919-Sep-31$582$213$107,230$176,871.18
50 34003-Oct-31$583$212$107,442$176,288.51
50 34117-Oct-31$583$211$107,653$175,705.14
50 34231-Oct-31$584$211$107,864$175,121.07
50 34314-Nov-31$585$210$108,074$174,536.30
50 34428-Nov-31$585$209$108,283$173,950.83
50 34512-Dec-31$586$209$108,492$173,364.66
50 34626-Dec-31$587$208$108,700$172,777.78
51 34709-Jan-32$588$207$108,907$172,190.20
51 34823-Jan-32$588$207$109,114$171,601.92
51 34906-Feb-32$589$206$109,320$171,012.93
51 35020-Feb-32$590$205$109,525$170,423.23
51 35105-Mar-32$590$204$109,729$169,832.83
51 35219-Mar-32$591$204$109,933$169,241.72
51 35302-Apr-32$592$203$110,136$168,649.90
51 35416-Apr-32$593$202$110,338$168,057.37
51 35530-Apr-32$593$202$110,540$167,464.13
51 35614-May-32$594$201$110,741$166,870.18
51 35728-May-32$595$200$110,941$166,275.51
51 35811-Jun-32$595$199$111,140$165,680.13
51 35925-Jun-32$596$199$111,339$165,084.04
51 36009-Jul-32$597$198$111,537$164,487.23
51 36123-Jul-32$598$197$111,734$163,889.71
51 36206-Aug-32$598$197$111,931$163,291.47
51 36320-Aug-32$599$196$112,127$162,692.51
51 36403-Sep-32$600$195$112,322$162,092.83
51 36517-Sep-32$600$194$112,516$161,492.43
51 36601-Oct-32$601$194$112,710$160,891.31
51 36715-Oct-32$602$193$112,903$160,289.47
51 36829-Oct-32$603$192$113,095$159,686.91
51 36912-Nov-32$603$192$113,287$159,083.63
51 37026-Nov-32$604$191$113,478$158,479.62
51 37110-Dec-32$605$190$113,668$157,874.89
51 37224-Dec-32$605$189$113,857$157,269.43
52 37307-Jan-33$606$189$114,046$156,663.25
52 37421-Jan-33$607$188$114,234$156,056.34
52 37504-Feb-33$608$187$114,421$155,448.70
52 37618-Feb-33$608$186$114,607$154,840.33
52 37704-Mar-33$609$186$114,793$154,231.23
52 37818-Mar-33$610$185$114,978$153,621.40
52 37901-Apr-33$611$184$115,162$153,010.84
52 38015-Apr-33$611$184$115,346$152,399.55
52 38129-Apr-33$612$183$115,529$151,787.53
52 38213-May-33$613$182$115,711$151,174.77
52 38327-May-33$613$181$115,892$150,561.28
52 38410-Jun-33$614$181$116,073$149,947.05
52 38524-Jun-33$615$180$116,253$149,332.08
52 38608-Jul-33$616$179$116,432$148,716.38
52 38722-Jul-33$616$178$116,610$148,099.94
52 38805-Aug-33$617$178$116,788$147,482.76
52 38919-Aug-33$618$177$116,965$146,864.84
52 39002-Sep-33$619$176$117,141$146,246.18
52 39116-Sep-33$619$175$117,316$145,626.78
52 39230-Sep-33$620$175$117,491$145,006.63
52 39314-Oct-33$621$174$117,665$144,385.74
52 39428-Oct-33$622$173$117,838$143,764.10
52 39511-Nov-33$622$172$118,011$143,141.72
52 39625-Nov-33$623$172$118,182$142,518.59
52 39709-Dec-33$624$171$118,353$141,894.71
52 39823-Dec-33$625$170$118,523$141,270.09
53 39906-Jan-34$625$169$118,693$140,644.72
53 40020-Jan-34$626$169$118,862$140,018.60
53 40103-Feb-34$627$168$119,030$139,391.73
53 40217-Feb-34$628$167$119,197$138,764.10
53 40303-Mar-34$628$166$119,363$138,135.72
53 40417-Mar-34$629$166$119,529$137,506.59
53 40531-Mar-34$630$165$119,694$136,876.70
53 40614-Apr-34$631$164$119,858$136,246.06
53 40728-Apr-34$631$163$120,021$135,614.66
53 40812-May-34$632$163$120,184$134,982.50
53 40926-May-34$633$162$120,346$134,349.58
53 41009-Jun-34$634$161$120,507$133,715.91
53 41123-Jun-34$634$160$120,668$133,081.48
53 41207-Jul-34$635$160$120,827$132,446.28
53 41321-Jul-34$636$159$120,986$131,810.32
53 41404-Aug-34$637$158$121,144$131,173.60
53 41518-Aug-34$637$157$121,302$130,536.12
53 41601-Sep-34$638$157$121,458$129,897.87
53 41715-Sep-34$639$156$121,614$129,258.86
53 41829-Sep-34$640$155$121,769$128,619.08
53 41913-Oct-34$641$154$121,923$127,978.53
53 42027-Oct-34$641$154$122,077$127,337.21
53 42110-Nov-34$642$153$122,230$126,695.12
53 42224-Nov-34$643$152$122,382$126,052.26
53 42308-Dec-34$644$151$122,533$125,408.63
53 42422-Dec-34$644$150$122,683$124,764.23
54 42505-Jan-35$645$150$122,833$124,119.06
54 42619-Jan-35$646$149$122,982$123,473.11
54 42702-Feb-35$647$148$123,130$122,826.39
54 42816-Feb-35$648$147$123,277$122,178.89
54 42902-Mar-35$648$147$123,424$121,530.62
54 43016-Mar-35$649$146$123,569$120,881.57
54 43130-Mar-35$650$145$123,714$120,231.74
54 43213-Apr-35$651$144$123,859$119,581.13
54 43327-Apr-35$651$143$124,002$118,929.74
54 43411-May-35$652$143$124,145$118,277.57
54 43525-May-35$653$142$124,287$117,624.62
54 43608-Jun-35$654$141$124,428$116,970.88
54 43722-Jun-35$655$140$124,568$116,316.36
54 43806-Jul-35$655$140$124,708$115,661.05
54 43920-Jul-35$656$139$124,846$115,004.96
54 44003-Aug-35$657$138$124,984$114,348.08
54 44117-Aug-35$658$137$125,121$113,690.41
54 44231-Aug-35$658$136$125,258$113,031.95
54 44314-Sep-35$659$136$125,393$112,372.70
54 44428-Sep-35$660$135$125,528$111,712.66
54 44512-Oct-35$661$134$125,662$111,051.83
54 44626-Oct-35$662$133$125,795$110,390.21
54 44709-Nov-35$662$132$125,928$109,727.80
54 44823-Nov-35$663$132$126,059$109,064.59
54 44907-Dec-35$664$131$126,190$108,400.59
54 45021-Dec-35$665$130$126,320$107,735.79
55 45104-Jan-36$666$129$126,450$107,070.19
55 45218-Jan-36$666$128$126,578$106,403.79
55 45301-Feb-36$667$128$126,706$105,736.59
55 45415-Feb-36$668$127$126,832$105,068.59
55 45529-Feb-36$669$126$126,958$104,399.79
55 45614-Mar-36$670$125$127,084$103,730.19
55 45728-Mar-36$670$124$127,208$103,059.79
55 45811-Apr-36$671$124$127,332$102,388.58
55 45925-Apr-36$672$123$127,455$101,716.57
55 46009-May-36$673$122$127,577$101,043.75
55 46123-May-36$674$121$127,698$100,370.12
55 46206-Jun-36$674$120$127,818$99,695.69
55 46320-Jun-36$675$120$127,938$99,020.45
55 46404-Jul-36$676$119$128,057$98,344.40
55 46518-Jul-36$677$118$128,174$97,667.54
55 46601-Aug-36$678$117$128,292$96,989.86
55 46715-Aug-36$678$116$128,408$96,311.37
55 46829-Aug-36$679$116$128,524$95,632.07
55 46912-Sep-36$680$115$128,638$94,951.95
55 47026-Sep-36$681$114$128,752$94,271.02
55 47110-Oct-36$682$113$128,865$93,589.27
55 47224-Oct-36$683$112$128,977$92,906.70
55 47307-Nov-36$683$111$129,089$92,223.31
55 47421-Nov-36$684$111$129,200$91,539.10
55 47505-Dec-36$685$110$129,309$90,854.07
55 47619-Dec-36$686$109$129,418$90,168.22
56 47702-Jan-37$687$108$129,526$89,481.55
56 47816-Jan-37$687$107$129,634$88,794.06
56 47930-Jan-37$688$107$129,740$88,105.74
56 48013-Feb-37$689$106$129,846$87,416.59
56 48127-Feb-37$690$105$129,951$86,726.62
56 48213-Mar-37$691$104$130,055$86,035.82
56 48327-Mar-37$692$103$130,158$85,344.19
56 48410-Apr-37$692$102$130,260$84,651.73
56 48524-Apr-37$693$102$130,362$83,958.44
56 48608-May-37$694$101$130,463$83,264.32
56 48722-May-37$695$100$130,563$82,569.37
56 48805-Jun-37$696$99$130,662$81,873.58
56 48919-Jun-37$697$98$130,760$81,176.96
56 49003-Jul-37$697$97$130,857$80,479.50
56 49117-Jul-37$698$97$130,954$79,781.21
56 49231-Jul-37$699$96$131,049$79,082.08
56 49314-Aug-37$700$95$131,144$78,382.11
56 49428-Aug-37$701$94$131,238$77,681.30
56 49511-Sep-37$702$93$131,332$76,979.65
56 49625-Sep-37$702$92$131,424$76,277.16
56 49709-Oct-37$703$92$131,515$75,573.83
56 49823-Oct-37$704$91$131,606$74,869.65
56 49906-Nov-37$705$90$131,696$74,164.63
56 50020-Nov-37$706$89$131,785$73,458.76
56 50104-Dec-37$707$88$131,873$72,752.05
56 50218-Dec-37$708$87$131,960$72,044.49
57 50301-Jan-38$708$86$132,047$71,336.08
57 50415-Jan-38$709$86$132,132$70,626.82
57 50529-Jan-38$710$85$132,217$69,916.71
57 50612-Feb-38$711$84$132,301$69,205.75
57 50726-Feb-38$712$83$132,384$68,493.93
57 50812-Mar-38$713$82$132,466$67,781.26
57 50926-Mar-38$714$81$132,547$67,067.74
57 51009-Apr-38$714$80$132,628$66,353.36
57 51123-Apr-38$715$80$132,707$65,638.12
57 51207-May-38$716$79$132,786$64,922.02
57 51321-May-38$717$78$132,864$64,205.07
57 51404-Jun-38$718$77$132,941$63,487.26
57 51518-Jun-38$719$76$133,017$62,768.58
57 51602-Jul-38$720$75$133,092$62,049.04
57 51716-Jul-38$720$74$133,167$61,328.64
57 51830-Jul-38$721$74$133,240$60,607.38
57 51913-Aug-38$722$73$133,313$59,885.25
57 52027-Aug-38$723$72$133,385$59,162.25
57 52110-Sep-38$724$71$133,456$58,438.39
57 52224-Sep-38$725$70$133,526$57,713.66
57 52308-Oct-38$726$69$133,595$56,988.06
57 52422-Oct-38$726$68$133,664$56,261.59
57 52505-Nov-38$727$67$133,731$55,534.25
57 52619-Nov-38$728$67$133,798$54,806.03
57 52703-Dec-38$729$66$133,863$54,076.94
57 52817-Dec-38$730$65$133,928$53,346.98
57 52931-Dec-38$731$64$133,992$52,616.14
58 53014-Jan-39$732$63$134,055$51,884.42
58 53128-Jan-39$733$62$134,118$51,151.83
58 53211-Feb-39$733$61$134,179$50,418.36
58 53325-Feb-39$734$60$134,239$49,684.01
58 53411-Mar-39$735$60$134,299$48,948.78
58 53525-Mar-39$736$59$134,358$48,212.67
58 53608-Apr-39$737$58$134,416$47,475.67
58 53722-Apr-39$738$57$134,473$46,737.79
58 53806-May-39$739$56$134,529$45,999.02
58 53920-May-39$740$55$134,584$45,259.37
58 54003-Jun-39$741$54$134,638$44,518.83
58 54117-Jun-39$741$53$134,691$43,777.40
58 54201-Jul-39$742$53$134,744$43,035.08
58 54315-Jul-39$743$52$134,796$42,291.87
58 54429-Jul-39$744$51$134,846$41,547.77
58 54512-Aug-39$745$50$134,896$40,802.78
58 54626-Aug-39$746$49$134,945$40,056.89
58 54709-Sep-39$747$48$134,993$39,310.11
58 54823-Sep-39$748$47$135,040$38,562.43
58 54907-Oct-39$749$46$135,087$37,813.86
58 55021-Oct-39$749$45$135,132$37,064.39
58 55104-Nov-39$750$44$135,176$36,314.02
58 55218-Nov-39$751$44$135,220$35,562.75
58 55302-Dec-39$752$43$135,263$34,810.58
58 55416-Dec-39$753$42$135,304$34,057.51
58 55530-Dec-39$754$41$135,345$33,303.53
59 55613-Jan-40$755$40$135,385$32,548.65
59 55727-Jan-40$756$39$135,424$31,792.86
59 55810-Feb-40$757$38$135,462$31,036.17
59 55924-Feb-40$758$37$135,500$30,278.57
59 56009-Mar-40$759$36$135,536$29,520.06
59 56123-Mar-40$759$35$135,571$28,760.64
59 56206-Apr-40$760$35$135,606$28,000.31
59 56320-Apr-40$761$34$135,639$27,239.07
59 56404-May-40$762$33$135,672$26,476.91
59 56518-May-40$763$32$135,704$25,713.84
59 56601-Jun-40$764$31$135,735$24,949.85
59 56715-Jun-40$765$30$135,765$24,184.95
59 56829-Jun-40$766$29$135,794$23,419.13
59 56913-Jul-40$767$28$135,822$22,652.39
59 57027-Jul-40$768$27$135,849$21,884.73
59 57110-Aug-40$769$26$135,875$21,116.15
59 57224-Aug-40$770$25$135,900$20,346.65
59 57307-Sep-40$770$24$135,925$19,576.23
59 57421-Sep-40$771$23$135,948$18,804.88
59 57505-Oct-40$772$23$135,971$18,032.61
59 57619-Oct-40$773$22$135,992$17,259.41
59 57702-Nov-40$774$21$136,013$16,485.28
59 57816-Nov-40$775$20$136,033$15,710.22
59 57930-Nov-40$776$19$136,052$14,934.23
59 58014-Dec-40$777$18$136,070$14,157.31
59 58128-Dec-40$778$17$136,087$13,379.46
60 58211-Jan-41$779$16$136,103$12,600.68
60 58325-Jan-41$780$15$136,118$11,820.96
60 58408-Feb-41$781$14$136,132$11,040.31
60 58522-Feb-41$782$13$136,145$10,258.72
60 58608-Mar-41$783$12$136,158$9,476.20
60 58722-Mar-41$783$11$136,169$8,692.74
60 58805-Apr-41$784$10$136,179$7,908.34
60 58919-Apr-41$785$9$136,189$7,123.00
60 59003-May-41$786$9$136,197$6,336.71
60 59117-May-41$787$8$136,205$5,549.48
60 59231-May-41$788$7$136,212$4,761.31
60 59314-Jun-41$789$6$136,217$3,972.19
60 59428-Jun-41$790$5$136,222$3,182.12
60 59512-Jul-41$791$4$136,226$2,391.11
60 59626-Jul-41$792$3$136,229$1,599.15
60 59709-Aug-41$793$2$136,231$806.24
60 59823-Aug-41$794$1$136,232$12.38
60 59906-Sep-41$12$0$136,232$0.00

My Status Quo Equals:

It's 2041

I am mortgage FREE in 2041.

Nearing my 60th birthday.

I've paid $795 every two weeks to Scotiabank over the past 23 years.

I've made 599 mortgage payments.

In total,

I've paid


I've paid


in interest with my after tax money.

Given 30% tax rate,

I've earned


of salary

to cover my 339K mortgage.

At $60,000 a year salary, 




Am I happy to be a home owner....

.....23 years later?


I figured,  I don't have the patience for 23 more years of bi-weekly mortgage payments.

Hence, here is Plan B:

AgePeriodPayment DatePrincipalInterestTotal InterestBalance
37 105-Oct-18$388$407$407$338,701
37 Prepayment05-Oct-18$14,063$0$407$324,638
37 219-Oct-18$405$389$796$324,232
37 302-Nov-18$406$389$1,185$323,827
37 416-Nov-18$406$388$1,574$323,420
37 530-Nov-18$407$388$1,961$323,013
37 614-Dec-18$407$387$2,349$322,606
37 728-Dec-18$408$387$2,736$322,198
38 811-Jan-19$408$386$3,122$321,790
38 Prepayment11-Jan-19$14,063$0$3,122$307,727
38 925-Jan-19$426$369$3,491$307,301
38 1008-Feb-19$426$369$3,860$306,875
38 1122-Feb-19$427$368$4,228$306,448
38 1208-Mar-19$427$368$4,596$306,021
38 1322-Mar-19$428$367$4,963$305,593
38 1405-Apr-19$428$367$5,329$305,165
38 Prepayment05-Apr-19$14,063$0$5,329$291,102
38 1519-Apr-19$446$349$5,679$290,656
38 1603-May-19$446$349$6,027$290,210
38 1717-May-19$447$348$6,375$289,763
38 1831-May-19$447$348$6,723$289,316
38 1914-Jun-19$448$347$7,070$288,868
38 2028-Jun-19$448$347$7,417$288,420
38 2112-Jul-19$449$346$7,762$287,971
38 Prepayment12-Jul-19$14,063$0$7,762$273,908
38 2226-Jul-19$466$329$8,091$273,442
38 2309-Aug-19$467$328$8,419$272,975
38 2423-Aug-19$467$327$8,746$272,508
38 2506-Sep-19$468$327$9,073$272,040
38 2620-Sep-19$469$326$9,400$271,571
38 2704-Oct-19$469$326$9,725$271,102
38 2818-Oct-19$470$325$10,051$270,632
38 Prepayment18-Oct-19$14,063$0$10,051$256,569
38 2901-Nov-19$487$308$10,358$256,082
38 3015-Nov-19$488$307$10,666$255,595
38 3129-Nov-19$488$307$10,972$255,106
38 3213-Dec-19$489$306$11,278$254,618
38 3327-Dec-19$489$305$11,584$254,128
39 3410-Jan-20$490$305$11,888$253,638
39 Prepayment10-Jan-20$14,063$0$11,888$239,575
39 3524-Jan-20$507$287$12,176$239,068
39 3607-Feb-20$508$287$12,463$238,560
39 3721-Feb-20$509$286$12,749$238,051
39 3806-Mar-20$509$286$13,034$237,542
39 3920-Mar-20$510$285$13,319$237,032
39 4003-Apr-20$511$284$13,604$236,521
39 4117-Apr-20$511$284$13,887$236,010
39 Prepayment17-Apr-20$14,063$0$13,887$221,947
39 4201-May-20$529$266$14,153$221,419
39 4315-May-20$529$266$14,419$220,889
39 4429-May-20$530$265$14,684$220,360
39 4512-Jun-20$531$264$14,948$219,829
39 4626-Jun-20$531$264$15,212$219,298
39 4710-Jul-20$532$263$15,475$218,766
39 Prepayment10-Jul-20$14,063$0$15,475$204,703
39 4824-Jul-20$549$246$15,721$204,154
39 4907-Aug-20$550$245$15,966$203,604
39 5021-Aug-20$551$244$16,210$203,053
39 5104-Sep-20$551$244$16,453$202,502
39 5218-Sep-20$552$243$16,696$201,950
39 5302-Oct-20$553$242$16,938$201,398
39 5416-Oct-20$553$242$17,180$200,844
39 Prepayment16-Oct-20$14,063$0$17,180$186,781
39 5530-Oct-20$571$224$17,404$186,210
39 5613-Nov-20$571$223$17,627$185,639
39 5727-Nov-20$572$223$17,850$185,067
39 5811-Dec-20$573$222$18,072$184,494
39 5925-Dec-20$574$221$18,293$183,920
40 6008-Jan-21$574$221$18,514$183,346
40 Prepayment08-Jan-21$14,063$0$18,514$169,283
40 6122-Jan-21$592$203$18,717$168,692
40 6205-Feb-21$592$202$18,919$168,099
40 6319-Feb-21$593$202$19,121$167,506
40 6405-Mar-21$594$201$19,322$166,912
40 6519-Mar-21$595$200$19,522$166,317
40 6602-Apr-21$595$200$19,722$165,722
40 6716-Apr-21$596$199$19,921$165,126
40 Prepayment16-Apr-21$14,063$0$19,921$151,063
40 6830-Apr-21$614$181$20,102$150,449
40 6914-May-21$614$180$20,282$149,835
40 7028-May-21$615$180$20,462$149,220
40 7111-Jun-21$616$179$20,641$148,604
40 7225-Jun-21$617$178$20,819$147,987
40 7309-Jul-21$617$178$20,997$147,370
40 Prepayment09-Jul-21$14,063$0$20,997$133,307
40 7423-Jul-21$635$160$21,157$132,672
40 7506-Aug-21$636$159$21,316$132,036
40 7620-Aug-21$636$158$21,474$131,400
40 7703-Sep-21$637$158$21,632$130,763
40 7817-Sep-21$638$157$21,789$130,125
40 7901-Oct-21$639$156$21,945$129,486
40 8015-Oct-21$640$155$22,100$128,847
40 Prepayment15-Oct-21$14,063$0$22,100$114,784
40 8129-Oct-21$657$138$22,238$114,126
40 8212-Nov-21$658$137$22,375$113,469
40 8326-Nov-21$659$136$22,511$112,810
40 8410-Dec-21$660$135$22,646$112,150
40 8524-Dec-21$660$135$22,781$111,490
41 8607-Jan-22$661$134$22,914$110,829
41 Prepayment07-Jan-22$14,063$0$22,914$96,766
41 8721-Jan-22$679$116$23,030$96,087
41 8804-Feb-22$680$115$23,146$95,408
41 8918-Feb-22$680$114$23,260$94,727
41 9004-Mar-22$681$114$23,374$94,046
41 9118-Mar-22$682$113$23,486$93,364
41 9201-Apr-22$683$112$23,598$92,681
41 9315-Apr-22$684$111$23,710$91,997
41 Prepayment15-Apr-22$14,063$0$23,710$77,934
41 9429-Apr-22$701$93$23,803$77,233
41 9513-May-22$702$93$23,896$76,531
41 9627-May-22$703$92$23,988$75,828
41 9710-Jun-22$704$91$24,079$75,124
41 9824-Jun-22$705$90$24,169$74,419
41 9908-Jul-22$706$89$24,258$73,714
41 Prepayment08-Jul-22$14,063$0$24,258$59,651
41 10022-Jul-22$723$72$24,329$58,927
41 10105-Aug-22$724$71$24,400$58,203
41 10219-Aug-22$725$70$24,470$57,478
41 10302-Sep-22$726$69$24,539$56,752
41 10416-Sep-22$727$68$24,607$56,026
41 10530-Sep-22$728$67$24,674$55,298
41 10614-Oct-22$729$66$24,741$54,570
41 Prepayment14-Oct-22$14,063$0$24,741$40,507
41 10728-Oct-22$746$49$24,789$39,760
41 10811-Nov-22$747$48$24,837$39,013
41 10925-Nov-22$748$47$24,884$38,265
41 11009-Dec-22$749$46$24,930$37,516
41 11123-Dec-22$750$45$24,975$36,766
42 11206-Jan-23$751$44$25,019$36,016
42 Prepayment06-Jan-23$14,063$0$25,019$21,953
42 11320-Jan-23$769$26$25,045$21,184
42 11403-Feb-23$769$25$25,070$20,415
42 11517-Feb-23$770$24$25,095$19,644
42 11603-Mar-23$771$24$25,118$18,873
42 11717-Mar-23$772$23$25,141$18,101
42 11831-Mar-23$773$22$25,163$17,328
42 11914-Apr-23$774$21$25,184$16,554
42 Prepayment14-Apr-23$14,063$0$25,184$2,491
42 12028-Apr-23$792$3$25,187$1,699
42 12112-May-23$793$2$25,189$906
42 12226-May-23$794$1$25,190$112
42 12309-Jun-23$112$0$25,190$0

The New Plan Is:

Mortgage FREE by 2023


I am mortgage FREE by 2023.

I've paid $795 every two weeks to Scotiabank
and made 42 regular mortgage payments.

I've also made quarterly accelerated payments using my
line of credit!

Altogether, I paid $364,279.00 to pay off
the principal of $339,089. 

I now have an opportunity to leverage my home
and invest over $270,000.

Hence, I no longer spend $1,722 a month on my mortgage.

What's even better, 

I now make at least $1,000 monthly from

my investments.

My disposable income is up

by $2,722 every month. 

Yippeee! I am happy.