| Payment option | Payment | Per year | Time to pay off | Total interest | Interest saved |
|---|
Canadian semi-annual compounding. "Accelerated" options use half (bi-weekly) or a quarter (weekly) of the monthly payment, so you make the equivalent of one extra monthly payment a year and pay off sooner. Estimates only.
Get a copy of your numbers, and we'll follow up with your options. No obligation.
Every mortgage has the same interest rate no matter how often you pay, but how often you pay changes how fast the balance falls, and that changes how much interest you hand over. Two things are happening: paying more frequently means interest is calculated on a slightly lower balance, and the accelerated options quietly squeeze in the equivalent of one extra monthly payment each year.
An accelerated bi-weekly payment is simply your monthly payment cut in half and paid every two weeks. Because there are 26 bi-weekly periods in a year, you end up paying 13 monthly payments' worth instead of 12. That one extra payment goes straight to principal, and on a typical mortgage it can cut years off your amortization and save tens of thousands in interest, without a big change to your budget.
See your payment on a purchase with the mortgage payment calculator, or find out what you qualify for with the pre-qualification calculator.
These are close estimates. Your lender's exact payment depends on your rate, term and rounding, which we confirm before you commit.
We'll set up the payment structure that saves you the most, and shop 50+ lenders for the right mortgage, at no cost.