Your payment frequency decides how often money leaves your account for the mortgage and, with an accelerated schedule, how much you pay in a year. The schedules that only spread the same yearly amount over more payments change very little. The accelerated ones add the equivalent of one extra monthly payment a year, and that is where nearly all of the savings come from. This guide is part of our mortgage payments hub.
The payment frequency options
Most Canadian lenders offer some or all of these schedules:
| Frequency | Payments a year | How the payment is set | Paid in a year |
|---|---|---|---|
| Monthly | 12 | The base payment for your rate and amortization | 12 monthly payments |
| Semi-monthly | 24 | Monthly payment ÷ 2, usually on two set dates | 12 monthly payments |
| Bi-weekly (regular) | 26 | Monthly payment × 12 ÷ 26 | 12 monthly payments |
| Weekly (regular) | 52 | Monthly payment × 12 ÷ 52 | 12 monthly payments |
| Accelerated bi-weekly | 26 | Monthly payment ÷ 2 | 13 monthly payments |
| Accelerated weekly | 52 | Monthly payment ÷ 4 | 13 monthly payments |
Regular bi-weekly and accelerated bi-weekly both mean 26 payments a year. The difference is the size of each payment, which is why the label on your mortgage statement matters.
Regular vs accelerated bi-weekly: how the payment is worked out
Take a $500,000 mortgage at a fixed 5% with a 25-year amortization, compounded half-yearly as Canadian fixed-rate mortgages are quoted. The monthly payment is $2,908.
Regular bi-weekly spreads the same yearly amount over 26 payments:
- Paid in a year: $2,908 × 12 = $34,896
- Each payment: $34,896 ÷ 26 = $1,342
Accelerated bi-weekly pays half the monthly payment every two weeks:
- Each payment: $2,908 ÷ 2 = $1,454
- Paid in a year: $1,454 × 26 = $37,804, which is $2,908 more than monthly: exactly one extra monthly payment
All of that extra amount goes to principal. For comparison, regular monthly payments on this mortgage pay down $10,386 of principal in the first year, so the extra payment is a large addition to early paydown.
A quick way to tell which schedule you’re on: if your bi-weekly payment is half your monthly payment, it’s accelerated; if it’s the monthly payment × 12 ÷ 26, it’s regular.
What each schedule saves: $500,000 at 5%
The table compares monthly, regular bi-weekly and accelerated bi-weekly payments on the same $500,000 mortgage at 5% with a 25-year amortization.
| Payment schedule | Payment | Paid per year | Paid off in | Total interest | Interest saved |
|---|---|---|---|---|---|
| Monthly | $2,908 | $34,896 | 25.0 years | $372,407 | None |
| Bi-weekly | $1,342 | $34,896 | 24.9 years | $370,502 | $1,905 |
| Accelerated bi-weekly | $1,454 | $37,804 | 21.5 years | $311,971 | $60,436 |
Accelerated bi-weekly payments save $60,436 in interest here and end the mortgage 3.5 years early. Regular bi-weekly saves very little, because the yearly total is unchanged; the small saving comes only from paying part of each month’s amount a little sooner.
The other schedules follow the same pattern:
- Semi-monthly pays the same yearly total as monthly, so it saves about as little as regular bi-weekly. It mainly suits people paid on two set dates each month.
- Regular weekly also keeps the yearly total the same as monthly, with a slightly larger timing effect than regular bi-weekly.
- Accelerated weekly pays the same yearly total as accelerated bi-weekly (13 monthly payments). Paying weekly saves slightly more interest than paying every two weeks, but the gap is small next to the gain from the extra payment itself.
Accelerated savings at different rates: $400,000 over 25 years
| Rate | Monthly payment | Accelerated bi-weekly payment | Interest saved | Years saved |
|---|---|---|---|---|
| 4% | $2,104 | $1,052 | $32,729 | 3.1 |
| 5% | $2,326 | $1,163 | $48,349 | 3.5 |
| 6% | $2,559 | $1,280 | $68,064 | 4.0 |
| 7% | $2,802 | $1,401 | $92,425 | 4.5 |
The saving grows with the rate, because each extra dollar of principal removes interest that would otherwise be charged at that rate for the rest of the amortization. All figures use half-yearly compounding, and the last payment is counted as a partial payment.
Common misconceptions
| Belief | How it works |
|---|---|
| “Bi-weekly saves a lot over monthly” | Regular bi-weekly saves very little. The savings come from the accelerated version, which pays one extra monthly payment a year. |
| “All bi-weekly options are the same” | Regular and accelerated bi-weekly both have 26 payments a year, but the accelerated payment is larger and the results are very different. |
| “Accelerated weekly is much better than accelerated bi-weekly” | Both pay 13 monthly payments a year. Weekly payments save slightly more interest, but the difference is small. |
| “The frequency is fixed for the whole term” | Many lenders let you change the frequency during the term, sometimes for an administration fee; your mortgage contract sets the terms. |
Accelerated payments vs lump sums and higher payments
An accelerated schedule is a built-in prepayment: it runs automatically, but the higher payment is a fixed commitment until you change the schedule back. A once-a-year lump sum or a voluntary increase to the regular payment can reach a similar result with more control over timing; the mortgage calculator with extra payments shows how much each approach saves on your own balance and rate. The approaches can be combined, within the limits of your prepayment privileges.
Changing your payment frequency
- Check the options in your contract or online banking. Many lenders let you change the frequency online or through a mortgage specialist.
- Confirm which version you’re choosing. An accelerated bi-weekly payment is exactly half your monthly payment; anything smaller is the regular schedule.
- Match the dates to your pay. A payment that comes out a day or two after payday is easier to cover.
- Budget for the extra payment. An accelerated schedule takes one extra monthly payment out of your budget each year.
- Check the first new payment on your statement to confirm the amount and the date.
Related guides
- Whether the extra money would do more in a TFSA than on the mortgage: paying down the mortgage vs investing
- The full monthly cost of owning beyond the payment: homeowner carrying costs and budget
- Payments for other loan sizes: mortgage payments by amount
- How a longer or shorter amortization changes the payment: choosing your amortization length
Sources
The figures and rules on this page come from these sources, last checked against them between September 25, 2026 and October 2, 2026. How we check facts.
- Bank of Canada: Conventional 5-year mortgage rate (data series)
- Bank of Canada: Conventional 5-year mortgage rate (data series)
- Bank of Canada: Conventional 5-year mortgage rate (data series)
- Bank of Canada: Data table
- Bank of Canada: Mortgage rates, fixed 5 years and over: uninsured residential mortgages, funds advanced (data series)
- Department of Finance Canada: Boldest mortgage reforms in decades come into force today
- Financial Consumer Agency of Canada: How much you need for a down payment
- Justice Laws (Canada): Interest Act