Enter your mortgage amount, rate and amortization to compare the three schedules lenders offer — monthly, regular bi-weekly and accelerated bi-weekly — and see the payoff date and total interest for each. Canadian semi-annual compounding is used, matching how Canadian fixed mortgage rates work.
Monthly and regular bi-weekly collect the same total per year — regular bi-weekly simply splits it into 26 smaller pieces, so the interest saving is tiny. Accelerated bi-weekly collects half the monthly payment every two weeks, which quietly adds one full extra monthly payment per year. On a $500,000 mortgage at 5%, that extra payment typically clears the loan about four years early and saves tens of thousands of dollars of interest.
Run your own mortgage through all three schedules. If accelerated bi-weekly fits your payday rhythm, ask your lender to switch — most Canadian lenders do it free. If yours charges or refuses, keep monthly payments and add one-twelfth of a payment as a monthly prepayment inside your prepayment privilege: the maths is the same. Our guide Mortgage Every Two Weeks walks the full example, and the FHSA guide covers saving the down payment.
The compounding formula is Canadian (semi-annual). For US mortgages with monthly compounding the figures differ slightly — the schedule comparison and the accelerated bi-weekly advantage work the same way.
At most Canadian lenders, no — it is a payment-frequency choice, not a product. Third-party 'bi-weekly programs' in the US often charge fees; skip those and add 1/12 to your monthly payment yourself.
No — they are estimates from the standard amortization formula, excluding taxes, insurance and fees. Your lender's statement is the exact source.