THE MITEY FIELD NOTES
Compare mortgage schedules on cash committed, not the label
Understand ordinary versus accelerated payments, periodic interest and the cash commitment behind faster repayment.
The short answer
A payment frequency comparison should show the amount per payment, the scheduled annual commitment, repayment time and interest together. Accelerated biweekly pays half the monthly reference twenty-six times per full year, which commits thirteen monthly equivalents.
01 / A CLOSER LOOK
A smaller payment can happen more often.
Our frequency comparison starts from the same balance, quoted fixed rate and amortization. It derives a monthly reference and then compares six schedules. The payment per event is only one part of the question: multiply it by the number of scheduled payments in a full year before comparing affordability.
For example, a $1,000 monthly reference commits $12,000 over twelve payments. Ordinary biweekly divides that same annual amount across twenty-six events, about $461.54 each. Accelerated biweekly schedules $500 twenty-six times, or $13,000 over a full year. The word biweekly alone does not tell you which commitment you have selected.
02 / A CLOSER LOOK
Understand how the model handles interest.
The tool converts the entered Canadian nominal fixed rate, compounded twice yearly, to an equivalent periodic rate for each frequency. Each scheduled period adds interest and then applies the payment. The final payment is capped at the amount owing, so it cannot create a negative loan balance.
The regular weekly and biweekly amounts follow monthly-derived conventions described on the tool page. Small differences in repayment time can arise because those amounts are not independently solved to amortize at each frequency. Actual lenders may use calendar dates, different conventions and payment rounding. Confirm the schedule in the actual contract.
03 / A CLOSER LOOK
Read acceleration as a cash-flow decision.
The Financial Consumer Agency of Canada describes accelerated weekly and biweekly options and prepayment choices. Our comparison holds the rate constant to show the mechanism. Faster modeled repayment does not establish the future renewal rate or a contractual right to make extra payments.
Read interest saved alongside the extra annual scheduled cash. The benefit comes with a larger repayment commitment in the accelerated convention. If the budget cannot sustain that commitment or must retain a reserve for other needs, the calculation does not decide that trade-off. It also does not compare investing the difference or paying a higher-rate debt.
04 / A CLOSER LOOK
Check the zero-rate case, then restore the real assumptions.
With no interest, the total principal repaid should equal the starting balance for every schedule. Acceleration can still shorten the modeled repayment period by committing more cash per year, but interest saved should be zero. This boundary case is useful for separating principal timing from interest savings.
Open the schedule table and compare all six rows. The annual commitment is a full-year scheduled amount, not the cash required in a final partial year. The balance chart shows annual observations and terminal balances. For a real decision, use the lender’s quoted schedule and prepayment terms, and test renewal assumptions separately.
Sources and scope
FCAC: mortgage features and payment frequency ↗
The source provides context for the subject. The worked models are MITEY implementations described on their own pages. This guide does not assess personal eligibility or recommend a product. Report a correction.