Financial Consumer Agency Of Canada

Increasing your payment frequency to biweekly accelerated can save you a significant amount of interest over the term of your mortgage and help you pay your mortgage off faster. 

Most lenders offer the following payment options:

 

  • Monthly
  • Biweekly
  • Biweekly Accelerated
  • Weekly
  • Weekly Accelerated

 

How do biweekly payments save you interest over the life of your mortgage?

Let’s look at an example:
If your monthly mortgage payment was $1000 / month, the table below demonstrates monthly, biweekly and accelerated biweekly payment options.

Frequency

Payment

 

Total  Annual
Payments

Monthly                             

12 x $1000

 

$12,000

Biweekly                          

$12,000/26 = $461.59

26 x $461.59

$12,000

Accelerated Biweekly    

$1,000/2 = $500

26 x $500.00

$13,000

 

You save money with a biweekly accelerated payment plan because you pay the equivalent of 13 monthly payments per year.  On this schedule over the life of your mortgage you will reduce your mortgage amortization from 25 years to 22 years and 3 months.  

Select Language

Mortgage
Payment Calculator








Our Best Rates

Our Rates

TermBank RateOur Rate
6 Month4.25%2.79%
1 Year Closed3.09%2.49%
2 Year Closed3.19%2.24%
3 Year Closed3.79%2.09%
4 Year Closed4.09%1.89%
5 Year Closed4.79%1.99%
7 Year Closed5.39%2.49%
10 Year Closed5.89%2.89%
VRM Closed2.65%1.85%
Line of Credit3.45%2.95%
*Rates subject to change
Mobile App