Mortgage
Payment schedule options
Choosing your mortgage payment schedule is kind of like picking your favourite pizza toppings – personal and oh-so-crucial. Monthly? Semi-monthly? Bi-weekly? It’s like a menu of financial flavours and you get to be the chef. Let’s slice through the options and create the perfect topping combination for you!
Payment schedule options
Pick the payment frequency that’s easiest for you to manage. Many people align their payments to their pay schedule. For example: if you are paid every two weeks, consider choosing a bi-weekly (accelerated or non-accelerated) payment schedule.
1. Monthly payments
✔ 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
2. Semi-monthly payments
✔ 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
3. Bi-weekly (non-accelerated) payments
✔ 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
4. Weekly (non-accelerated) payments
✔ 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
5. Bi-weekly accelerated payments
✔ 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
6. Weekly accelerated payments
✔ 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
Explore more topics
In Saskatchewan, you need a minimum of 5% of the home’s purchase price for your down payment.
Which mortgage type is the best for you? Learn more about the two popular options.
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