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Bi-weekly vs monthly payment calculator

Paying half your monthly payment every two weeks adds up to one extra monthly payment a year, which reduces your balance faster.

By Promissory.ca Editorial Team Reviewed against official Canadian sources Last updated:

Estimated interest saved

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How this calculator works

  1. Calculate the standard monthly payment over the amortisation period.
  2. Halve that payment and apply it every two weeks, which is 26 payments a year.
  3. Amortise the balance at the bi-weekly rate until it reaches zero.
  4. Compare the total interest and the time taken under each schedule.

Formula: Accelerated bi-weekly payment = monthly payment ÷ 2, paid 26 times per year

Frequently asked questions

Is accelerated bi-weekly the same as bi-weekly?

No. A true bi-weekly schedule simply splits the monthly payment into 26 payments and saves little. An accelerated schedule pays half the monthly payment every two weeks, which is one extra monthly payment each year.

Does this work for any loan?

Yes, the arithmetic is the same for any amortising loan, though not every lender offers a bi-weekly option.

Should I check with my lender first?

Yes. Confirm that your lender permits accelerated payments and whether there are any prepayment restrictions before you change your schedule.

Sources

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