Payments
Mortgage Payment Analyzer
See how every payment frequency stacks up. Accelerated bi-weekly and weekly schedules slip in one extra monthly payment per year, paying your mortgage off years earlier.
| Frequency | Payment | Effective amort. | Saves |
|---|---|---|---|
Monthly | $3,489.63 | 25.0 yrs | - |
Semi-monthly | $1,744.81 | 24.9 yrs | 0.1 yrs |
Bi-weekly | $1,610.60 | 24.9 yrs | 0.1 yrs |
Accelerated bi-weekly Pays off faster | $1,744.81 | 21.5 yrs | 3.5 yrs |
Weekly | $805.30 | 24.9 yrs | 0.1 yrs |
Accelerated weekly Pays off faster | $872.41 | 21.5 yrs | 3.5 yrs |
Standard monthly amortization on this mortgage: 25 years. Canadian-rule semi-annual compounding. Accelerated bi-weekly is exactly half your monthly payment but paid 26 times per year, giving one extra payment annually.
Would you like help with these numbers?
Calculators use general assumptions. Athena can review your numbers and explain lender rules, qualification questions or options the estimate may not cover.
What this calculator helps you explore
How monthly, semi-monthly, bi-weekly, accelerated bi-weekly, weekly and accelerated weekly schedules change your balance over time.
What the estimate considers
- Mortgage amount, rate and amortization
- The payment amount for each frequency
- The balance remaining at each point in time
What it may not capture
- Lender limits on which frequencies are offered
- Lump sum and increased payment privileges
- Payment changes at renewal
A practical example
Accelerated bi-weekly is simply half the monthly payment paid 26 times a year. That single extra payment each year is what shortens the amortization.
Assumptions and sources
- Canadian semi-annual compounding
- Accelerated bi-weekly equals half the monthly payment paid 26 times per year
- The rate stays constant for the whole projection
Last reviewed: pending Athena's review