{"id":959,"date":"2023-11-17T03:31:23","date_gmt":"2023-11-17T03:31:23","guid":{"rendered":"http:\/\/localhost\/mrc_blog\/mortgages\/mortgage-payment-frequency\/"},"modified":"2025-05-15T17:30:03","modified_gmt":"2025-05-15T21:30:03","slug":"mortgage-payment-frequency","status":"publish","type":"post","link":"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/","title":{"rendered":"Mortgage Payment Frequency Explained"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy counter-decimal ez-toc-grey\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" style=\"display: none;\"><i class=\"ez-toc-glyphicon ez-toc-icon-toggle\"><\/i><\/a><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#i\" title=\"\u00a0\">\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#Mortgage_Payment_Frequency\" title=\"Mortgage Payment Frequency\">Mortgage Payment Frequency<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#Monthly_Mortgage_Payments\" title=\"Monthly Mortgage Payments\">Monthly Mortgage Payments<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#Bi-Weekly_Mortgage_Payments\" title=\"Bi-Weekly Mortgage Payments\">Bi-Weekly Mortgage Payments<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#Accelerated_Bi-Weekly_Mortgage_Payments\" title=\"Accelerated Bi-Weekly Mortgage Payments\">Accelerated Bi-Weekly Mortgage Payments<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#Weekly_Mortgage_Payments\" title=\"Weekly Mortgage Payments\">Weekly Mortgage Payments<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#Accelerated_Weekly_Mortgage_Payments\" title=\"Accelerated Weekly Mortgage Payments\u00a0\">Accelerated Weekly Mortgage Payments\u00a0<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/#Difference_Between_Regular_and_Accelerated_Payments\" title=\"Difference Between Regular and Accelerated Payments\">Difference Between Regular and Accelerated Payments<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">3<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"959\" class=\"elementor elementor-959\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4570b4f2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4570b4f2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1cc55cb0\" data-id=\"1cc55cb0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1c9d7db1 elementor-widget elementor-widget-text-editor\" data-id=\"1c9d7db1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<h2><span class=\"ez-toc-section\" id=\"i\"><\/span>\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2><h2><span class=\"ez-toc-section\" id=\"Mortgage_Payment_Frequency\"><\/span><strong>Mortgage Payment Frequency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>When taking out a mortgage, you have the option of choosing the payment frequency that suits you the most. Canadians have <strong>five different mortgage payment frequencies<\/strong> to choose from: <strong>monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly.<\/strong> While monthly payments are the most common, you can opt for more frequent payments to save on interest expenses over the life of the mortgage.<\/p><p>\u00a0<\/p><p>Let\u2019s take a look at what the mortgage payments would look like under different payment frequencies using the following example:<\/p><p>\u00a0<\/p><ul><li>$300,000 mortgage<\/li><li>3% interest rate<\/li><li>25-year amortization period<\/li><\/ul><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Monthly_Mortgage_Payments\"><\/span><strong>Monthly Mortgage Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The most common mortgage payment frequency, monthly payments, means that the amount is deducted from your account once a month. With this payment frequency, you will end up making 12 payments in a year.<\/p><p>\u00a0<\/p><p>Based on the above example, the monthly payment would be $1,392.17 and the total interest paid over the 25-year term of the mortgage is $117,653.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Bi-Weekly_Mortgage_Payments\"><\/span><strong>Bi-Weekly Mortgage Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>With bi-weekly mortgage payments, your monthly payments are multiplied by 12 and divided by 26 (typical number of pay periods per year). You will have payments deducted from your bank account every two weeks and you\u2019ll end up making 26 payments each year.<\/p><p>\u00a0<\/p><p>Based on the same example, the bi-weekly payment would be $642.14 and the total interest paid over the term of the mortgage is $117,389.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Accelerated_Bi-Weekly_Mortgage_Payments\"><\/span><strong>Accelerated Bi-Weekly Mortgage Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>An accelerated bi-weekly mortgage payment schedule still means that you will make 26 payments per year. However, the amount deducted will be slightly more than for bi-weekly mortgage payments. It is calculated by taking the monthly mortgage payment amount and dividing by two and is payable every two weeks.<\/p><p>\u00a0<\/p><p>Based on the same example, the bi-weekly payments under an accelerated schedule would be $696.08 and the total interest paid over the term of the mortgage is $103,568.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Weekly_Mortgage_Payments\"><\/span><strong>Weekly Mortgage Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Weekly payments are calculated by multiplying the monthly mortgage payment amount by 12 and dividing by 52. Payments are due weekly which results in a total of 52 payments per year.<\/p><p>\u00a0<\/p><p>Using the above example, the weekly payment amount would be $320.98 and the total interest paid over the term of the mortgage is $117,279.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Accelerated_Weekly_Mortgage_Payments\"><\/span><strong>Accelerated Weekly Mortgage Payments<\/strong><strong>\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>Accelerated weekly payments are calculated by dividing the monthly mortgage payment amount by 4 and they are payable every week. This also results in 52 payments per year but payment amounts will be higher than that of a weekly payment schedule.<\/p><p>\u00a0<\/p><p>Using the same example, the weekly payments under an accelerated schedule would be $348.04 and the total interest paid over the term of the mortgage is $103,418.<\/p><p>\u00a0<\/p><h2><span class=\"ez-toc-section\" id=\"Difference_Between_Regular_and_Accelerated_Payments\"><\/span><strong>Difference Between Regular and Accelerated Payments<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2><p>The main difference between regular and accelerated payments lies in how the payment amount is calculated. Regular payment frequencies are calculated by simply multiplying the monthly payment amount by 12 and then dividing by payment frequency, for example, 26 for bi-weekly. To calculate payment amounts under an accelerated schedule, the monthly payment amount is instead divided by the frequency of payment periods within a month, for example 4 for weekly, with that amount falling due according to that same frequency, for example every week.\u00a0<\/p><p>The number of payments made are the same for both payment schedules, but accelerated payments mean that you will be paying slightly more per payment. As shown through the above examples, homeowners can save a fair bit on interest expenses and pay off their mortgage faster using accelerated payments. However, accelerated weekly and bi-weekly payment schedules may not be a fit for everyone and new homeowners are often advised to select the payment frequency that is easiest for them to manage financially.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e6333c3 elementor-widget elementor-widget-image\" data-id=\"e6333c3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.17.0 - 08-11-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/mortgage.mohamedkonate.ca\/mortgage-services\" target=\"_blank\" rel=\"nofollow noopener\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"750\" height=\"209\" src=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png\" class=\"attachment-large size-large wp-image-15494\" alt=\"\" srcset=\"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1.png 924w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-300x83.png 300w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-768x214.png 768w, https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2024\/01\/Mortgage-broker-banner-1024x285-1-397x110.png 397w\" sizes=\"(max-width: 750px) 100vw, 750px\" style=\"width:100%;height:27.81%;max-width:924px\" title=\"\">\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p><span class=\"rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time:<\/span> <span class=\"rt-time\">3<\/span> <span class=\"rt-label rt-postfix\">Min<\/span><\/span> \u00a0 Mortgage Payment Frequency When taking out a mortgage, you have the option of choosing the payment frequency that suits you the most. Canadians have five different mortgage payment frequencies to choose from: monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly. While monthly payments are the most common, you can opt for more frequent payments&hellip; <a class=\"more-link\" href=\"https:\/\/myratecompass.ca\/blog\/mortgages\/mortgage-payment-frequency\/\">Continue reading <span class=\"screen-reader-text\">Mortgage Payment Frequency Explained<\/span><\/a><\/p>\n","protected":false},"author":5,"featured_media":960,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[8],"tags":[21],"class_list":["post-959","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","tag-blog-post-template-1-main-template-to-use","entry"],"aioseo_notices":[],"featured_image_urls":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",150,113,false],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",300,225,false],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",750,563,false],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",750,563,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",333,250,false]},"post_excerpt_stackable":"<p>Table of Contents \u00a0Mortgage Payment FrequencyMonthly Mortgage PaymentsBi-Weekly Mortgage PaymentsAccelerated Bi-Weekly Mortgage PaymentsWeekly Mortgage PaymentsAccelerated Weekly Mortgage Payments\u00a0Difference Between Regular and Accelerated Payments Reading Time: 3 Min \u00a0Mortgage Payment FrequencyWhen taking out a mortgage, you have the option of choosing the payment frequency that suits you the most. Canadians have five different mortgage payment frequencies to choose from: monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly. While monthly payments are the most common, you can opt for more frequent payments to save on interest expenses over the life of the mortgage.\u00a0Let\u2019s take a look at what the mortgage payments would&hellip;<\/p>\n","category_list":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",150,113,false],"medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",300,225,false],"medium_large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",750,563,false],"large":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",750,563,false],"1536x1536":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"2048x2048":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"post-thumbnail":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",924,693,false],"post-image-medium":["https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg",333,250,false]},"post_excerpt_stackable_v2":"<p>Table of Contents \u00a0Mortgage Payment FrequencyMonthly Mortgage PaymentsBi-Weekly Mortgage PaymentsAccelerated Bi-Weekly Mortgage PaymentsWeekly Mortgage PaymentsAccelerated Weekly Mortgage Payments\u00a0Difference Between Regular and Accelerated Payments Reading Time: 3 Min \u00a0Mortgage Payment FrequencyWhen taking out a mortgage, you have the option of choosing the payment frequency that suits you the most. Canadians have five different mortgage payment frequencies to choose from: monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly. While monthly payments are the most common, you can opt for more frequent payments to save on interest expenses over the life of the mortgage.\u00a0Let\u2019s take a look at what the mortgage payments would&hellip;<\/p>\n","category_list_v2":"<a href=\"https:\/\/myratecompass.ca\/blog\/.\/mortgages\/\" rel=\"category tag\">Mortgages<\/a>","author_info_v2":{"name":"Mohamed Konate","url":"https:\/\/myratecompass.ca\/blog\/author\/mohamedkonate\/"},"comments_num_v2":"0 comments","jetpack_featured_media_url":"https:\/\/myratecompass.ca\/blog\/wp-content\/uploads\/2021\/10\/Mortgage-Payment-Frequency.jpg","_links":{"self":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/959","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/comments?post=959"}],"version-history":[{"count":17,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/959\/revisions"}],"predecessor-version":[{"id":15538,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/posts\/959\/revisions\/15538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media\/960"}],"wp:attachment":[{"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/media?parent=959"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/categories?post=959"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myratecompass.ca\/blog\/wp-json\/wp\/v2\/tags?post=959"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}