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Mortgage Rates in Canada

Standard vs Bi-Weekly

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)

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Financial Analysis (Switch to Plain English)
  Standard Bi-Weekly
Length : 30 Yrs 0 Mts 25 Yrs 7 Mts
Time Saved : 4 Yrs 5 Mts
Bi-Weekly Payment : - $667.11
Monthly Payment : $1,334.23 $1,445.41
Total Interests Paid : $230,321.61 $192,341.26
Interest Savings : $37,980.35
Results: In Plain English (Switch to Financial Analysis)

When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a fortnightly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a fortnightly plan will take 25 years and 7 months. This will save you 4 years and 5 months. But, the savings doesn't end there.

If you took out a $250,000.00 loan with an interest rate of 5.000%, you can expect to pay $1,334.23 per month, while a fortnightly payment plan will call for a payment of $667.11 every other week. As a result, you will pay only $192,341.26 in interest with the fotnightly schedule rather than $230,321.61 with the standard payment plan. This means that you will save a total of $37,980.35 with the fortnightly plan.
DISCLAIMER: There is NO WARRANTY or guarantee, expressed or implied, for the accuracy of the information obtained by using these calculators or its applicability to your specific financial situation. While we make every effort humanly possible to maintain the highest degree of accuracy, every situation is different. Please consult an experienced Mortgages Canada representative for more information.