Bi-weekly vs Monthly Mortgage Payments
Many Canadian homeowners wonder whether switching from monthly payments to accelerated bi-weekly payments actually makes a difference. While the change can feel small, it often leads to paying less interest and becoming mortgage-free sooner.
This calculator lets you compare monthly payments with accelerated bi-weekly payments using your current balance, payment amount, and interest rate. The results show how much interest you could save over time and how your payoff timeline may change.
The numbers below are estimates meant to help with planning. Mortgage terms, lender rules, and renewal options vary, so this tool should be used as a starting point rather than a final decision.
Bi-weekly vs Monthly
How this calculator works
This calculator compares monthly mortgage payments with accelerated bi-weekly payments, which is the version most commonly used by Canadian lenders. Accelerated bi-weekly payments are calculated by taking your regular monthly payment and dividing it by two, then paying that amount every two weeks. Over the course of a year, this results in the equivalent of 13 monthly payments instead of 12.
Because more money is applied to your principal each year, accelerated bi-weekly payments often reduce the total interest paid and shorten the time it takes to fully pay off a mortgage. The savings come from consistency rather than large one-time prepayments.
Why payment frequency matters
Changing how often you pay your mortgage can have a meaningful impact over time, even if the difference between payments feels small. Paying more frequently means interest has less time to build between payments, which can lower the overall cost of borrowing.
That said, accelerated bi-weekly payments are not the right choice for everyone. Cash flow, job stability, and other financial obligations all matter. The best approach is one that fits comfortably into your real life, not just what looks good in a calculator.
Important notes and estimates
The results shown above are estimates only. Actual mortgage calculations can vary based on lender policies, compounding methods, term length, prepayment privileges, and other factors that are not captured in a simple comparison tool.
This calculator is intended to help you understand the potential difference between payment options, not to replace personalized advice. Before making changes to your mortgage or payment schedule, it is always a good idea to review your situation with a qualified mortgage professional who can confirm the numbers that apply to you.