Manulife One Discovery Centre

Say goodbye to inflexible mortgage payments

Your Manulife One Main Account isn’t a traditional mortgage and doesn’t have traditional mortgage payments. Instead, it lets you easily adjust how much you pay each month— less when money is tight and more when you have extra money. 

With a traditional mortgage, your payment is made up of two parts – principal and interest. With your Manulife One Main Account, your payment is only the interest portion. Your interest is calculated each day based on your day-end balance, and at the end of the month your interest payment is withdrawn from your Main Account.

But what about principal payments? With your Main Account, every deposit you make is a principal payment. If you deposit $100 into your Main Account, your principal is automatically reduced by $100, which also reduces your interest. So, when you deposit more than you withdraw from the account during the month, your principal will go down. And, if you have a month where you withdraw more than you deposit, your principal will go up.

Note: If you’ve set up a term sub-account as part of your Manulife One, see Customize your mortgage to fit your life for information on term sub-account payments.

You can always check your balance through online or mobile banking. And each month your statement will show a summary of your deposits and withdrawals, the change in your Main Account balance, and the amount of interest you paid.

With Manulife One, you’re in control of your mortgage payments. Depending on your financial goals and needs, you can pay down your principal as quickly or as slowly as you’d like. 


Sometimes life throws you curveballs:

  • You lose your job or have a reduction in work hours.
  • The transmission in your car goes.
  • Your roof needs to be replaced.

These are all examples of expensive setbacks, but they’re even worse if you also have a fixed, inflexible mortgage payment to worry about. With Manulife One, you have the flexibility to adjust to whatever life throws at you. You have a financial backup plan.

If you have an unexpected expense and money is tight, you can temporarily reduce or even stop deposits to your Main Account, as long as you have borrowing room available.

Your interest payment will still be automatically taken from your Main Account at the end of the month. This is called letting the interest accrue or capitalize. We don’t recommend doing this for long periods of time because it increases your debt, but this option can help you navigate a temporary set-back.


Life is full of surprises—a raise at work, a monetary gift from a loved one or an unexpected inheritance. When you deposit that extra money into your Main Account, it automatically reduces your debt and saves you interest. It’s like making a prepayment on your mortgage – but without having to call us or worry about prepayment limits and penalties.

Unlike traditional mortgages, you’re free to pay back the debt in your Main Account at any time without penalty


Let’s review

  • The Manulife One Main Account isn’t a traditional mortgage and doesn’t have a traditional mortgage payment.
  • The interest on what you owe is calculated at the end of each day, and at the end of the month the total interest payment is automatically withdrawn from your Main Account.
  • There is no required principal payment to the Main Account, as long as you have borrowing room available.
  • Manulife One allows you to decide how quickly you pay down your debt—you can deposit less money into the Main Account when times are tight and more when you can afford to.
  • You can pay back the debt in your Main Account at any time without penalty.

We invite you to talk to your advisor as part of your overall financial plan or your mortgage broker to find out more about Manulife One. If you don’t work with an advisor or broker, one of our mortgage specialists would be happy to help.