Is your renewal coming up soon? This could be a challenging period because amortizations aren’t typically this long. So your payment might increase significantly to get you back “on track.” Guidelines are currently being discussed to address this in a more standardized way, but it’s uncertain how it will pan out.

The main difference between making prepayments and increasing your monthly payments is that you’ll accrue more interest while waiting to make your prepayment, and while you have “idle” cash on the side. This is the price you pay for increased flexibility.