Monthly, biweekly or accelerated mortgage payments in Canada: what changes
Quick summary
Accelerated biweekly means you pay half your monthly payment every 2 weeks. That is 26 payments a year, or the same as 13 monthly payments. Regular biweekly takes your yearly total and splits it over 26 payments, so you pay no more than a monthly plan. The FCAC says accelerated payments add the equivalent of one extra monthly payment a year. Next step: try the mortgage payment calculator.
Checked November 11, 2026. Main source: Financial Consumer Agency of Canada: Choosing a mortgage that is right for you (modified October 15, 2025, read November 11, 2026). See all 2 sources.
Key facts
- Accelerated biweekly
- Monthly payment divided by 2
- Source: FCAC, modified October 15, 2025
- Accelerated weekly
- Monthly payment divided by 4
- Source: FCAC, modified October 15, 2025
- Effect of accelerating
- The equivalent of one extra monthly payment a year
- Source: FCAC, modified October 15, 2025
How each frequency is set
| Frequency | How it is set | Payments a year | Our example, on a $2,000 monthly payment |
|---|---|---|---|
| Monthly | One payment a month | 12 | $2,000 each, $24,000 a year |
| Semi-monthly | Monthly payment divided by 2 | 24 | $1,000 each, $24,000 a year |
| Biweekly | Monthly payment times 12, divided by 26 | 26 | $923.08 each, $24,000 a year |
| Weekly | Monthly payment times 12, divided by 52 | 52 | $461.54 each, $24,000 a year |
| Accelerated biweekly | Monthly payment divided by 2 | 26 | $1,000 each, $26,000 a year |
| Accelerated weekly | Monthly payment divided by 4 | 52 | $500 each, $26,000 a year |
Sources: Financial Consumer Agency of Canada: Choosing a mortgage that is right for you (modified October 15, 2025, read November 11, 2026); Financial Consumer Agency of Canada: Paying off your mortgage faster (modified October 15, 2025, read November 11, 2026). The dollar columns are our arithmetic on an example payment of $2,000, which is not a real quote.
Why accelerated pays the mortgage off sooner
Accelerated payments add up to 13 monthly payments a year, not 12. The FCAC says this equals one extra monthly payment a year. More money goes toward what you owe, so you finish sooner and pay less interest. The FCAC says an accelerated option lets you pay weekly or biweekly. The pages do not give a dollar amount or time saved, because it depends on your mortgage.
Sources: Financial Consumer Agency of Canada: Paying off your mortgage faster (modified October 15, 2025, read November 11, 2026); Financial Consumer Agency of Canada: Choosing a mortgage that is right for you (modified October 15, 2025, read November 11, 2026).
What to check with your lender
- Which frequencies your mortgage allows.
- Whether your payments are set to the lender's schedule or taken on a date you choose.
- Whether your contract limits how much you can increase payments each year. The FCAC says it may.
- Whether paying more often leaves enough cash in your account each time.
Source: Financial Consumer Agency of Canada: Paying off your mortgage faster (modified October 15, 2025, read November 11, 2026).
Questions people ask
Is biweekly better than monthly for a mortgage?
Regular biweekly sets each payment to the monthly payment times 12 divided by 26, so your yearly total is about the same. Accelerated biweekly is half the monthly payment, which the FCAC says equals one extra monthly payment a year.
What is an accelerated mortgage payment?
A weekly or biweekly payment worked out from your monthly payment divided by 4 or by 2. The FCAC says it adds the equivalent of one extra monthly payment each year.
How much interest does accelerated save?
The FCAC pages do not give a figure. It depends on your balance, rate and amortization. Use a calculator with your numbers.
How many payments are there in a year?
Monthly 12, semi-monthly 24, biweekly and accelerated biweekly 26, weekly and accelerated weekly 52.
Can I change my payment frequency?
Often at renewal, and sometimes during the term. Ask your lender, because it depends on your contract.