Quote:
Originally Posted by Special K
How did you calculate lump sum to be 6 figure? Do you mean lump sum for the full 5(?) year term?
Interest rates went up quickly in the last 6 months. The shortfall on principal shouldn’t be anywhere near $100k+ over 6 months, unless your monthly payments are really high like $20k+ monthly.
If it’s based on a full 5 years variable at trigger rate or higher, then yes $100k-300k easily over 5 years to match principal draw down and amortization.
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I'm also with TD and they have a lump sum calculator and yeah, it's 6 figures now to pull the mortgage back to 30 years (mine peaked at 52 years before I increased my payments). In fact, if I pay my max lump sum allowed (15% of the original mortgage) I still wouldn't pull it back to 30 years, I'd still be at ~33 years.
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