Mortgage Payment Frequency Options

Marci • February 7, 2014

Here you go…….Everything you ever wanted to know about Mortgage Payments!! I am asked on a regular basis about different types of mortgage payment options. Below is a brief summary of each and some definitions to help clear up any confusion you may have.

What are your PAYMENT FREQUENCY OPTIONS?

Definition :   Payments consisting of both a principal and an interest component, paid on a regular basis during the term of the mortgage.   Refers to how often and when you can make these payments.

Options :

  • Monthly (any day of the month usually between the 1st and 28th)
  • Weekly (any day of the work week, 52 payments per year
  •   Bi-Weekly (every other week, 26 payments per year)
  • Semi-Monthly (twice per month, 24 payments per year, e.g. on the 1st and 15th of each month
  • Plus accelerated weekly and bi-weekly

 

What is an accelerated bi-weekly payment?

  • Accelerated Bi-Weekly payments are exactly half of a regular monthly payment amount BUT it is collected every two weeks.  This means you make 26 payments per year

  For example, if the monthly payment is $1,000 then the accelerated bi-weekly payment will be $500

o    If you paid monthly you would pay $1,000 x 12 months = $12,000 per year

o    Paying accelerated bi-weekly you would pay $500 x 26 = $13,000 per year

This results in you paying an extra $1,000 off your mortgage each year – hence accelerating how fast you pay it back.    Remember, twice a year you will have three payments in one month. Accelerated weekly refers to monthly payment divided by 4!

 

What is a non-accelerated bi-weekly payment ?

  • Non-accelerated is taking the regular monthly payment and times by 12 months, then   d ivide this into 26 payments

   For example, if the monthly payment is $1,000 then the non-accelerated bi-weekly payment will be $461.54

o    If you paid monthly you would pay $1,000 x 12 months = $12,000

o    Paying non-accelerated bi-weekly you would still pay $12,000 = $461.54 x 26 = $12,000

This results in you not paying any extra off your mortgage each year – hence non-accelerating .  Remember, twice a year you will still have three payments in the one month

So let’s compare the payments and savings between these two options; regular monthly and accelerated bi-weekly payments:

 $250,000 mortgage with a 25 year amortization at 3.39% 5 Year Fixed Term:

Regular Monthly Over 5 Year Term

Monthly payment = $1,233.70

Total Payments each year = $14,804.40

Total Payments in 5 Years = $74,022.00

Total Interest Paid in 5 Years = $39,285.61

Total Principal Paid in 5 Years = $34,736.61

Balance owing in 5 Years = $215,263.39

Effective amortization = 25 years

Accelerated bi-weekly Over 5 Year Term

Monthly payment = $1,233.70/2 =

Bi-Weekly Payment of $616.85

Total Payments each year = $16,038.10

Total Payments in 5 Years = $80,190.50

Total Interest Paid in 5 Years = $38,680.82

Total Principal Paid in 5 Years = $41,510.98

Balance owing in 5 Years = $208,489.02

Effective amortization = 22 Years 2 Months

So how do you select the right one for you?

  •   Determine which payment option you actually qualify for
  • Review what payment options the lender offers
  • Consider aligning your payment frequency with how often you get paid each month e.g. if you are paid every two weeks, then consider accelerated bi-weekly payments to align with each pay cheque
  • The more often you pay, the less interest you will pay
  • You can always adjust this at any time and change

 My recommendation : Pay accelerated bi-weekly if you can afford it, as it forces you to pay more.   By paying your mortgage off sooner you will reduce your debt and save unnecessary interest – plus a forced savings plan for the future! If you have additional questions please contact me! marci@askmarci.ca

 

 

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Start Smart: Get Pre-Approved for Your Mortgage

By Marci Deane • February 25, 2026
Thinking of Buying a Home? Here’s Why Getting Pre-Approved Is Key If you’re ready to buy a home but aren’t sure where to begin, the answer is simple: start with a pre-approval. It’s one of the most important first steps in your home-buying journey—and here's why. Why a Pre-Approval is Crucial Imagine walking into a restaurant, hungry and excited to order, but unsure if your credit card will cover the bill. It’s the same situation with buying a home. You can browse listings online all day, but until you know how much you can afford, you’re just window shopping. Getting pre-approved for a mortgage is like finding out the price range you can comfortably shop within before you start looking at homes with a real estate agent. It sets you up for success and saves you from wasting time on properties that might be out of reach. What Exactly is a Pre-Approval? A pre-approval isn’t a guarantee. It’s not a promise that a lender will give you a mortgage no matter what happens with your finances. It’s more like a preview of your financial health, giving you a clear idea of how much you can borrow, based on the information you provide at the time. Think of it as a roadmap. After going through the pre-approval process, you’ll have a much clearer picture of what you can afford and what you need to do to make the final approval process smoother. What Happens During the Pre-Approval Process? When you apply for a pre-approval, lenders will look at a few key areas: Your income Your credit history Your assets and liabilities The property you’re interested in This comprehensive review will uncover any potential hurdles that could prevent you from securing financing later on. The earlier you identify these challenges, the better. Potential Issues a Pre-Approval Can Reveal Even if you feel confident that your finances are in good shape, a pre-approval might uncover issues you didn’t expect: Recent job changes or probation periods An income that’s heavily commission-based or reliant on extra shifts Errors or collections on your credit report Lack of a well-established credit history Insufficient funds saved for a down payment Existing debt reducing your qualification amount Any other financial blind spots you might not be aware of By addressing these issues early, you give yourself the best chance of securing the mortgage you need. A pre-approval makes sure there are no surprises along the way. Pre-Approval vs. Pre-Qualification: What’s the Difference? It’s important to understand that a pre-approval is more than just a quick online estimate. Unlike pre-qualification—which can sometimes be based on limited information and calculations—a pre-approval involves a thorough review of your finances. This includes looking at your credit report, providing detailed documents, and having a conversation with a mortgage professional about your options. Why Get Pre-Approved Now? The best time to secure a pre-approval is as soon as possible. The process is free and carries no risk—it just gives you a clear path forward. It’s never too early to start, and by doing so, you’ll be in a much stronger position when you're ready to make an offer on your dream home. Let’s Make Your Home Buying Journey Smooth A well-planned mortgage process can make all the difference in securing your home. If you’re ready to get pre-approved or just want to chat about your options, I’d love to help. Let’s make your home-buying experience a smooth and successful one!

Your Guide to Real Estate Investment in Canada

By Marci Deane • February 18, 2026
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Smart Steps to Get Your Home Market-Ready

By Marci Deane • February 11, 2026
Thinking About Selling Your Home? Start With These 3 Key Questions Selling your home is a major move—emotionally, financially, and logistically. Whether you're upsizing, downsizing, relocating, or just ready for a change, there are a few essential questions you should have answers to before you list that "For Sale" sign. 1. How Will I Get My Home Sale-Ready? Before your property hits the market, you’ll want to make sure it puts its best foot forward. That starts with understanding its current market value—and ends with a plan to maximize its appeal. A real estate professional can walk you through what similar homes in your area have sold for and help tailor a prep plan that aligns with current market conditions. Here are some things you might want to consider: Decluttering and removing personal items Minor touch-ups or repairs Fresh paint inside (and maybe outside too) Updated lighting or fixtures Professional staging Landscaping or exterior cleanup High-quality photos and possibly a virtual tour These aren’t must-dos, but smart investments here can often translate to a higher sale price and faster sale. 2. What Will It Actually Cost to Sell? It’s easy to look at the selling price and subtract your mortgage balance—but the real math is more nuanced. Here's a breakdown of the typical costs involved in selling a home: Real estate agent commissions (plus GST/HST) Legal fees Mortgage discharge fees (and possibly a penalty) Utility and property tax adjustments Moving expenses and/or storage costs That mortgage penalty can be especially tricky—it can sometimes be thousands of dollars, depending on your lender and how much time is left in your term. Not sure what it might cost you? I can help you estimate it. 3. What’s My Plan After the Sale? Knowing your next step is just as important as selling your current home. If you're buying again, don’t assume you’ll automatically qualify for a new mortgage just because you’ve had one before. Lending rules change, and so might your financial situation. Before you sell, talk to a mortgage professional to find out what you’re pre-approved for and what options are available. If you're planning to rent or relocate temporarily, think about timelines, storage, and transition costs. Clarity and preparation go a long way. The best way to reduce stress and make confident decisions is to work with professionals you trust—and ask all the questions you need. If you’re thinking about selling and want help mapping out your next steps, I’d be happy to chat anytime. Let’s make a smart plan, together.