Buyer Tools
Bi-Weekly Mortgage Payment Calculator Canada — Interest Saved
Calculate how much faster you pay off your Canadian mortgage with accelerated bi-weekly payments and how much total interest you save versus monthly payments.
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Frequently Asked Questions
What is the difference between bi-weekly and accelerated bi-weekly payments?+
Regular bi-weekly payments simply split your monthly payment in half and pay it every two weeks — the annual total is the same as monthly. Accelerated bi-weekly payments also pay half the monthly amount every two weeks, but because there are 26 bi-weekly periods per year, you effectively make 13 monthly payments instead of 12, reducing your amortization.
How much faster does accelerated bi-weekly pay off a Canadian mortgage?+
Accelerated bi-weekly payments typically shorten a 25-year amortization by 3–4 years and save tens of thousands in interest, depending on the rate and principal. The higher the interest rate, the more you save.
Does every Canadian lender offer accelerated bi-weekly payments?+
Most major Canadian banks and credit unions offer accelerated bi-weekly payments, but it's not automatic. You typically need to select this payment frequency when setting up your mortgage. Confirm with your lender before assuming the option is available.
Can I switch to bi-weekly payments mid-term?+
Some lenders allow mid-term payment frequency changes without penalty, while others restrict changes to renewal time. Check your mortgage agreement or call your lender to confirm whether a switch is possible and whether any fees apply.