Choosing Your Payment Frequency
How often you pay your mortgage matters more than most people realize.
The short answer
Accelerated bi-weekly (half your monthly payment every two weeks) is the most popular choice because it adds one extra monthly payment a year, taking roughly 2 to 3 years off a 25 year mortgage. Regular bi-weekly, semi-monthly and weekly just split the same annual amount into smaller pieces, so they save little on their own.
Lacroix Mortgage Group is a Calgary mortgage team licensed with and powered by Mortgage Connection Inc., a mortgage brokerage licensed in Alberta by the Real Estate Council of Alberta (RECA), and part of the DLCG network. Our brokers are individually licensed. See licence details.
Monthly
12 payments a year
Lowest payment amount and simple budgeting. Least interest saved.
Semi-monthly
24 payments a year
Half the monthly payment, twice a month. Good if you're paid twice a month. Slightly more interest saved than monthly.
Bi-weekly
26 payments a year
Every two weeks, same annual total as monthly. Good if you're paid every two weeks.
Most popular
Accelerated bi-weekly
26 payments a year
Half of the monthly payment every two weeks, which adds up to one extra monthly payment a year. Takes roughly 2 to 3 years off a 25 year mortgage and saves thousands in interest. Our most popular option.
Weekly
52 payments a year
Same annual total as monthly, paid weekly. Little extra saving on its own.
Accelerated weekly
52 payments a year
A quarter of the monthly payment every week. Takes roughly 2 to 3 years off a 25 year mortgage. Best if you're paid weekly and want to pay down fastest.
Payment Frequency Questions
What is the best mortgage payment frequency?
Accelerated bi-weekly or accelerated weekly saves the most interest, because you make the equivalent of one extra monthly payment each year. That usually takes about 2 to 3 years off a 25 year mortgage.
What is the difference between bi-weekly and accelerated bi-weekly?
Regular bi-weekly spreads the same annual total as monthly over 26 payments. Accelerated bi-weekly pays half the monthly amount every two weeks, so you pay one extra monthly payment a year toward principal.
Can I change my payment frequency later?
Usually yes, with most lenders, often at renewal or on request during the term. Ask your lender about any rules.
Ready to Get Started?
Not sure what fits your pay schedule? We'll cover it on our call.
Or call (403) 648-1541