You will pay $ 1,576.43 a month if you want to obtain a 300,000 mortgage for 5 years fixed mortgage with 25 years amortization period. THe calculation was done on the average rate of 2.99 percent for 5 years fixed mortgage.

Normally you would have a 5-year fixed mortgage meaning you will renew in 5 years. Check your mortgage statement as it shows when it will be due for renewal. 3 months before the renewal you can start looking and check if there are other lenders who would give you a better rate or mortgage package.

The monthly mortgage payment on a 400,000 loan for 30 years amortization period for 5 year fixed mortgage 3.7% rate is $1,834.76. It will cost you 260,000 in mortgage interest if will take that long for you to pay the mortgage. Remember that most of the interest paid in the first 5 years of your mortgage. In order to speed up the payent process you can do double payments or biweekly. If you take the same mortgage with biweekly payments your biweekly payment will be $ 846.11 which is $142 less per month.