Choosing the Right Mortgage Payment Frequency: Monthly, Weekly, or Biweekly

Picking the right mortgage payment schedule might not seem like a big deal at first — but it can make a big difference to how much interest you pay and how fast you become mortgage-free. The frequency of your mortgage payments affects not only your monthly budget but also how quickly your home equity builds and how much you’ll pay in total over the life of your loan.
In Canada, lenders typically let you choose between monthly, semi-monthly, biweekly, weekly, and accelerated versions of the latter two.
Let’s break down what each option really means, how they affect your mortgage, and which one might suit you best.

What Is Mortgage Payment Frequency?

Mortgage payment frequency simply refers to how often you make payments on your mortgage. Some people prefer predictable monthly payments, while others opt for more frequent payments to chip away at the interest faster. The more often you pay, the less time interest has to accumulate — and that can lead to big savings.

The Main Options for Mortgage Payment Frequency

Monthly

You pay once per month — a total of 12 payments per year. This is the most common and simplest schedule, especially if your income and budgeting are monthly.

Semi-Monthly

You make two equal payments per month (24 annually). It’s not the same as biweekly — the dates stay consistent, like the 1st and 15th.

Biweekly

You make a payment every two weeks — 26 payments a year. Because there are 52 weeks in a year, you end up making two extra half-payments annually compared to monthly, which slightly accelerates your payoff.

Weekly

This means 52 payments a year. You’re essentially paying a quarter of your monthly payment every week. It spreads out your costs evenly across the year.

Accelerated Biweekly

You still make 26 payments a year, but each payment is calculated as if you were making 13 full monthly payments a year instead of 12. This helps you pay off your mortgage faster and save more on interest.

Accelerated Weekly

You make 52 weekly payments, each slightly higher than a regular weekly schedule. Like accelerated biweekly, you’re squeezing in the equivalent of one full extra monthly payment per year.
Not all lenders offer all these options for every mortgage type, especially variable-rate ones. Some also compound interest based on the payment frequency, which can influence your total costs.

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Comparing the Payment Options Side-by-Side

Let’s look at how each frequency plays out on a $400,000 mortgage with a 25-year amortization and a 5.14% interest rate:

Frequency	Payment	Interest (5-Year Term)	Total Interest (25 Years)	Time Saved vs Monthly	Interest Saved vs Monthly
Monthly	$2,359	$96,299	$307,215	0 years	$0
Semi-Monthly	$1,179	$96,137	$306,010	~1 month	$1,205
Biweekly	$1,088	$96,124	$305,895	~1 month	$1,320
Weekly	$544	$96,046	$305,202	~1 month	$2,013
Accelerated Biweekly	$1,179	$94,506	$256,667	~3.5 years	$50,548
Accelerated Weekly	$589	$94,421	$256,083	~3.5 years	$51,132

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What Are the Pros and Cons of Each Frequency?

Monthly

Pros: Simple, aligns with most bills, easy to budget. Cons: Slower mortgage payoff, more interest over time.

Biweekly

Pros: Matches many pay schedules, pays down loan faster than monthly. Cons: Some months may have 3 payments, which could affect cash flow.

Weekly

Pros: Good for weekly pay schedules, smoother budgeting across weeks. Cons: More frequent withdrawals may be harder for those with irregular income.

Accelerated Biweekly/Weekly

Pros: Saves the most on interest and cuts years off your mortgage. Cons: Higher effective payments, which might not suit tighter budgets.

Why Accelerated Payments Save You the Most

With accelerated options, you’re sneaking in an extra monthly payment every year — without feeling a huge difference per installment. Over time, this speeds up your loan payoff significantly and reduces interest costs by tens of thousands.
It’s a solid option if your budget allows and you want to be mortgage-free faster without a lump-sum prepayment.

Frequently Asked Questions

What’s the best mortgage payment frequency to choose? If your goal is to minimize interest and get rid of your mortgage sooner, accelerated biweekly or weekly is best. If budgeting simplicity is more important, monthly might work better.

Will paying more frequently hurt my cash flow? Not necessarily. It depends on your income schedule. If you get paid biweekly or weekly, matching your payments can actually improve your budgeting.

Can I switch payment frequency later? Yes, most lenders will allow you to change your frequency mid-term, though some may charge a small fee or require paperwork.

Final Thoughts

Choosing the right payment frequency isn’t just about convenience — it’s a strategy. Accelerated schedules can be a smart way to pay off your mortgage faster without needing lump sums. But what matters most is choosing a frequency that fits your income, lifestyle, and long-term financial goals.

📆 Not Sure Which Payment Frequency Is Best for You?
Whether you’re paid monthly or every two weeks, your mortgage payment schedule can impact how fast you build equity — and how much interest you save. Our mortgage experts can help you pick the smartest option. ✅ Get Personalized Advice on Payment Frequency