Accelerated biweekly vs monthly
Same mortgage, six ways to pay. See the payment, total interest and payoff date for each, and how much accelerated payments save.
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Biweekly and accelerated biweekly are not the same
Biweekly takes your annual monthly payments (12 × monthly) and divides them by 26. You pay the same amount per year, so you save only a little interest from paying slightly sooner.
Accelerated biweekly takes half of your monthly payment and charges it 26 times a year. That adds up to 13 monthly payments a year instead of 12. The extra payment goes straight to principal, which is why it saves years.
| Frequency | Payment on $600,000 at 4.49%, 25 yrs | Payments per year |
|---|---|---|
| Monthly | $3,317 | 12 |
| Biweekly | $1,531 | 26 |
| Accelerated biweekly | $1,659 | 26 |
| Accelerated weekly | $829 | 52 |
Should you choose accelerated payments?
If the higher payment fits your budget, yes: it’s the easiest form of prepayment and doesn’t use up your prepayment privileges. If your pay is biweekly, matching your mortgage to payday also makes budgeting easier.
Frequently asked questions
How much does accelerated biweekly save in Canada?
On a $600,000 mortgage at 4.49% over 25 years, roughly $60,000 of interest, and you’re mortgage-free about 3 years and 4 months sooner.
Is weekly better than biweekly?
Barely. Accelerated weekly saves only a few hundred dollars more than accelerated biweekly. The big difference is accelerated vs not.
Can I change frequency mid-term?
Most lenders allow it once or twice a year at no cost. Check your mortgage terms.
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