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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Getting a Mortgage Shouldn’t Be Stressful—We Can Help

By Marci Deane • December 31, 2025
Buying a Home? Follow These 6 Key Steps for a Smooth Experience Buying a home is likely one of the biggest financial decisions you’ll ever make. It’s exciting—but it can also be overwhelming, especially when it comes to understanding how mortgage financing works. To help make the process smoother (and far less stressful), here are six essential steps every homebuyer should follow: 1. Start With a Mortgage Professional—Not MLS It’s tempting to start your home search by scrolling through listings and booking showings—but the real first step should be speaking with an independent mortgage professional . Unlike a bank that offers only one set of products, an independent mortgage expert has access to multiple lenders and options . That means better advice, better rates, and a better chance of finding a mortgage that truly fits your needs. 2. Build a Personalized Mortgage Plan Unless you’re buying your home with cash, you’ll need a solid financing strategy. That means: Reviewing your credit score Running affordability calculations Exploring different mortgage types, terms, and features Understanding down payments and closing costs The sooner you start planning, the more confident you’ll feel. Don’t wait until you’ve found the “perfect” property— get ahead of the process now . 3. Figure Out What You Can Actually Afford What a lender says you can borrow doesn’t always match what you can comfortably pay each month. Take a close look at your budget, lifestyle, and spending habits. Think about how your mortgage payments, property taxes, utilities, and other costs will fit into your everyday cash flow. Avoid the stress of being house-poor by knowing your real-life affordability , not just your paper pre-approval. 4. Get Pre-Approved the Right Way A true mortgage pre-approval isn’t just entering numbers into an online calculator. It means: Completing a mortgage application Submitting all your required documentation Having a mortgage professional fully assess your file When you’re officially pre-approved, you’ll shop for homes with confidence , knowing what you qualify for and that you’re financially ready. 5. Submit Your Documents Promptly and Stay Flexible Once you find a property and your offer is accepted, time is of the essence. That’s when all the upfront work you’ve done really pays off. Be ready to: Provide additional documentation if requested Respond to your mortgage professional quickly Stay flexible and proactive throughout the approval process Your lender needs to verify everything before finalizing the loan, so staying organized is key. 6. Don’t Make Big Financial Changes Before Closing Once you’ve secured financing and waived your conditions, freeze your finances until after you get the keys. Seriously—don’t: Change jobs Apply for new credit Take out a loan Make a large withdrawal Even small changes can throw off your approval. Keep everything status quo until you officially take possession. Recap: 6 Steps to a Smooth Home Purchase Connect with an independent mortgage professional Create a mortgage plan early Know what you can afford (not just what you qualify for) Get fully pre-approved Stay on top of documentation Avoid major financial changes before possession Ready to Buy with Confidence? If you’re thinking about buying a home—or just want to know what’s possible—let’s talk. I’ll help you map out a personalized plan that makes your homebuying journey feel simple, strategic, and stress-free. Reach out anytime. I’d love to help you get started.

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By Marci Deane • December 17, 2025
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