Flexible Payment Options
Life brings unexpected events. And sometimes those things require a little extra cash. BMO’s Take a Break® Option* might help when your finances are stretched.
Updated 
1 min. read
Take a Break® Optionasterisk
If money gets tight, you can skip up to one month of mortgage payments per calendar year. Some restrictions apply, so ask for details. Not available on the BMO Smart Fixed Mortgage. Choose to skip:
- One monthly payment
- Up to two bi-weekly or semi-monthly payments
- Up to four weekly payments
Important things to keep in mind:
- Any time you skip a mortgage payment, you continue to accrue interest. This means you'll end up paying more over time.
- You can pay back your skipped payments anytime without a prepayment charge.
- Some restrictions apply for both mortgage payment options, so ask us for details.
- Not available on the BMO Smart Fixed Mortgage.
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Have questions?
asterisk Take a Break Option is not available for a BMO Smart Fixed Mortgage. Take a Break option applies to principal and interest payments on conventional and default-insured mortgages for owner-occupied single-family dwellings only, including condominiums and duplexes.
For conventional uninsured mortgages, the balance of your current mortgage plus the skipped payment must not exceed 80% of the lesser of a) your home's present value or b) the original amount of your mortgage with us.
For mortgages insured against default, customers must have prepaid principal at least equal to the amount of payment(s) to be skipped. Any mortgage insurance premiums and tax payments cannot be skipped. Interest for the skipped payment is added to the principal. The balance of your current mortgage plus the skipped payment must not exceed the original amount of your mortgage with us.
Your current mortgage must not be more than one month in arrears at the time of the requested skip. Any payment(s) in arrears will be included in those to be skipped.