Which payment schedule option is right for you?
Choosing your mortgage payment schedule is a bit like picking your pizza toppings — personal, and oh-so-crucial. Monthly? Semi-monthly? Bi-weekly? It’s a menu of financial flavours, and you get to be the chef. Let’s find the combination that works for you.
Payment schedule options.
A good rule of thumb: pick the payment frequency that’s easiest for you to manage. Many people align their payments with their pay schedule — if you’re paid every two weeks, a bi-weekly schedule may be a natural fit.
Monthly
One payment per month — simple, stable and easy to align with your monthly budget.
- You pay your mortgage amount once per month on a specific day
- Provides consistency and predictability
- Great for you if you prefer simplicity, stability and want to align payments with your monthly budget
Semi-monthly
Your monthly payment split in two — paid on set days each month, like the 1st and 15th.
- Your monthly mortgage amount is divided by two, and you make two equal payments on set days each month (e.g., 1st and 15th)
- Can align your payments with paydays to help manage cash flow
- More frequent payments allow you to reduce your interest over time
Bi-weekly (non-accelerated)
A payment every second week — easy to match to a bi-weekly payday.
- Calculated by taking your monthly mortgage payment, multiplying it by 12 months and then dividing it by 26. You pay this amount every second week.
- Can align your payments with paydays to help manage your cash flow
- Great for you if you’re seeking balance with consistency and faster repayment
Bi-weekly accelerated
Front 26 payments a year at a higher amount — the equivalent of one extra monthly payment.
- Calculated by dividing your mortgage payment by two. You pay this amount every second week.
- Equals one extra monthly payment per year
- Allows you to pay off your mortgage sooner
Weekly (non-accelerated)
One payment every week — a natural fit if your income arrives weekly too.
- Calculated by taking your monthly mortgage payment, multiplying it by 12 months and then dividing it by 52. You pay this amount weekly all year.
- Allows those with weekly paydays to align payments to income cycle
- Can further reduce interest over time
Accelerated weekly
52 higher weekly payments — pay your mortgage down faster and save on interest.
- Calculated by dividing your monthly mortgage payment by four. You pay this amount every week.
- Equals one extra monthly payment per year
- Allows you to pay off your mortgage sooner
Tools to help you plan your mortgage.
Common questions.
Here's what people ask us the most.
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Most Canadian lenders, including Conexus, offer six payment schedule options: monthly (12 payments per year), semi-monthly (24 payments), bi-weekly (26 payments), accelerated bi-weekly (26 higher payments), weekly (52 payments) and accelerated weekly (52 higher payments). The accelerated options result in the equivalent of one extra monthly payment per year, which goes directly toward your principal — helping you pay off your mortgage faster and save on total interest.
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The best payment schedule depends on your income and financial goals. Many homeowners choose a payment frequency that matches when they get paid, such as bi-weekly or weekly. If your goal is to pay off your mortgage sooner, an accelerated payment schedule may be a good option.
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Accelerated payment schedules help you pay off your mortgage faster. By making the equivalent of one extra monthly payment each year, you reduce your principal more quickly, which can lower the amount of interest you pay over the life of your mortgage.
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Depending on your mortgage product and where you are in your term, you may be able to change your payment schedule. Speak with a Conexus Advisor to explore your options and find a payment frequency that works for your financial situation.
Not sure which schedule suits you?
Whether you're looking to pay off your mortgage sooner or align payments with your pay schedule, we can help you compare your options and choose the payment schedule that fits your budget and financial goals.
