What is Payment Frequency in Canadian mortgages?
How often mortgage payments are made. Accelerated bi-weekly and accelerated weekly options result in one extra monthly payment per year, reducing amortization by 2-3 years.
What is the Payment Frequency limit for Canadian mortgages?
Options: Monthly, Semi-Monthly, Bi-Weekly, Accelerated Bi-Weekly, Weekly, Accelerated Weekly
Payment Frequency example
Worked example
Accelerated bi-weekly: Monthly payment ÷ 2, paid every 2 weeks = 26 payments/year vs 24 for regular bi-weekly.