From MoneySense Magazine, September/October 2011

According to Jason Heath, a fee-for-service adviser with E.E.S. Financial Services in Markham, Ont., the Hollands will be able to meet their goal. In fact, if the family does indeed get a 4% annual wage increase, and they apply all of the extra money (after taxes) to their biweekly mortgage payments, they should have their mortgage paid off in less than eight years. That’s compared to more than 14 years if they contin
ue their current payments. read full article