https://calculating.ca/calculators/real-estate/mortgage-payment-frequency-calculator/
Real Estate / THE MITEY TOOLKIT
Mortgage Payment Frequency
Compare six payment schedules, annual cash commitments and total interest on the same mortgage.
Interest saved · accelerated biweekly vs monthly
$40,062.54
From your inputs. Explore the breakdown below.
- Repayment time saved
- 3.31 years
- Monthly payment reference
- $2,213.89
- Accelerated biweekly payment
- $1,106.95
- Extra scheduled cash each full year
- $2,213.89
- Accelerated biweekly makes 26 half-monthly payments: the equivalent of 13 monthly payments per full year.
- The fixed rate is held for the full illustration; real renewals can change the answer.
Every payment schedule
| Schedule | Payment | Scheduled / year | Repayment years | Total interest |
|---|---|---|---|---|
| Monthly | $2,213.89 | $26,566.70 | 25.00 | $264,167.55 |
| Twice monthly | $1,106.95 | $26,566.70 | 24.96 | $263,038.42 |
| Biweekly | $1,021.80 | $26,566.70 | 24.96 | $262,951.82 |
| Weekly | $510.90 | $26,566.70 | 24.94 | $262,431.91 |
| Accelerated biweekly | $1,106.95 | $28,780.59 | 21.69 | $224,105.00 |
| Accelerated weekly | $553.47 | $28,780.59 | 21.67 | $223,655.41 |
CHANGE ONE VARIABLEWhat moves your answer?
Compare five values while keeping every other input the same. These are scenarios, not likelihoods or forecasts.
| Input value | Primary result | Use scenario |
|---|
BEHIND THE ANSWER
Formula and method
Periodic rate = (1 + quoted fixed rate ÷ 2)^(2 ÷ payments per year) − 1. Each period: interest is added, then the scheduled payment reduces the balance.
The monthly reference uses Canadian nominal fixed-rate compounding twice yearly. Twice-monthly is monthly ÷ 2; standard biweekly is monthly × 12 ÷ 26; standard weekly is monthly × 12 ÷ 52. Accelerated biweekly is monthly ÷ 2 and accelerated weekly is monthly ÷ 4. Payments occur at equal periods, with the last payment capped at the balance plus interest. The chart shows annual scheduled observations and terminal balances. Annual commitment is the full-year scheduled amount, not the final partial year.
Context sources checked October 25, 2026
These sources explain the subject. The model follows the formula and assumptions shown here; a source link does not imply endorsement.
Worked examples
Zero-rate acceleration
- Mortgage balance:
- 120000
- Annual fixed rate:
- 0
- Remaining amortization:
- 10
Interest saved · accelerated biweekly vs monthly: $0.00
Assumptions and limits
- Constant quoted fixed rate, no future renewals or prepayment penalties.
- Equal-length payment periods; actual calendar dates, lender rounding and conventions can differ.
- This comparison does not establish contractual prepayment privileges.
This tool provides an educational estimate. Rules, rates and personal circumstances can change the answer. Review the assumptions before relying on a result. Report a correction.
Common mistakes to avoid
- Treating entered return, vacancy or rate assumptions as forecasts.
- Comparing only the headline amount without checking timing, cash costs and model limits.
Frequently asked questions
Is ordinary biweekly the same as accelerated biweekly?
No. Ordinary biweekly divides the annual monthly-payment total into 26 instalments. Accelerated biweekly pays half the monthly reference every two weeks, which commits one extra monthly equivalent in a full year.
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