What is the difference between a monthly mortgage payment and a weekly or bi-weekly mortgage payment?
An accelerated schedule of weekly or bi-weekly payments allows you to pay more towards your principal and reduces the amount of interest you pay over the life of your mortgage compared to a monthly mortgage payment. By accelerating your payments, you are making the equivalent of 13 monthly payments in one year as opposed to twelve spread out over 52 payments for the weekly option or 26 payments for the bi-weekly option. That’s one additional monthly payment per year. To see how much you could save using an accelerated payment option, try out our payment calculator.
