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Mortgage prepayment and payment frequency calculator
Compare all 6 Canadian payment frequencies, then add lump sums and a payment increase. You'll see 2 results: how many years come off your mortgage, and how much interest you save.
Your numbers
What you owe today, not what you originally borrowed.
Pre-filled with our published 5-year fixed, as of September 21, 2026 at 9:00 a.m. MT.
How long is left, not the original 25 years.
What you pay today. The table below compares all 6 frequencies with it.
Add prepayments(6)
Lump sums
Extra money paid against the principal, on top of your regular payment.
The same amount, once every 12 months.
Payment increase
Most lenders let you raise your regular payment once a year without penalty.
A 10% increase on a $2,876.80 payment is about $288 more a month.
Your prepayment privilege
Set by your mortgage contract, as a share of the original principal.
The privilege is a percentage of what you first borrowed, not of today's balance.
Rate taken from the RateLens published table, current as of September 21, 2026 at 9:00 a.m. MT. Rules, premium tiers and fee schedules current as of September 16, 2026.
Interest accelerated payments would save
$42,948
Switching from every month to every week, accelerated saves $42,948 and finishes 3 years, 1 month earlier. It costs about $2,655 more a year out of pocket. Add a lump sum above to see more savings.
- Your payment now
- $2,654.56every month
- Payment with your plan
- $2,654.56Unchanged. Lump sums are paid on top
- Amortization
- 25 yearsWas 25 years
- Total interest
- $296,364Was $296,364
Your privilege allows $75,000 a year
How accelerated payments save interest
- Compounding
- Semi-annual
- Privilege
- 15% of $500,000
- Prepayments apply
- After each regular payment
- Rules as of
- September 16, 2026
Payment frequencies compared
Each row uses the same balance, rate and amortization. Only the payment calendar changes. Interest saved and time saved are measured against monthly payments.
| Frequency | Payment | Per year | Amortization | Total interest | Interest saved | Time saved |
|---|---|---|---|---|---|---|
| Accelerated weekly | $663.64 | 52 | 21 years, 11 months | $253,416 | $42,948 | 3 years, 1 month |
| Weekly | $612.60 | 52 | 25 years | $294,570 | $1,794 | — |
| Accelerated bi-weekly | $1,327.28 | 26 | 21 years, 11 months | $253,887 | $42,477 | 3 years, 1 month |
| Bi-weekly | $1,225.19 | 26 | 25 years | $295,109 | $1,255 | — |
| Semi-monthly (24×/yr) | $1,327.28 | 24 | 25 years | $295,203 | $1,161 | — |
| Monthly (12×/yr)What you pay now | $2,654.56 | 12 | 25 years | $296,364 | — | — |
Changing frequency doesn’t change your contract. You have to ask your lender to make the switch, and most will do it on request at no cost.
Shorter bars mean less interest. Only the 2 accelerated options make a big difference, because they're the only ones that add a 13th monthly payment each year.
- Accelerated weekly$253,416
- Weekly$294,570
- Accelerated bi-weekly$253,887
- Bi-weekly$295,109
- Semi-monthly (24×/yr)$295,203
- Monthly (12×/yr)$296,364
| Jurisdiction | Total interest |
|---|---|
| Accelerated weekly | $253,416 |
| Weekly | $294,570 |
| Accelerated bi-weekly | $253,887 |
| Bi-weekly | $295,109 |
| Semi-monthly (24×/yr) | $295,203 |
| Monthly (12×/yr) | $296,364 |
The dashed line is the same mortgage with no prepayments and no increase. The area between the lines is your saving.
- With your plan
- As it stands today
| Year | With your plan | As it stands today |
|---|---|---|
| 0 | $500,000 | $500,000 |
| 1 | $488,206 | $488,206 |
| 2 | $475,924 | $475,924 |
| 3 | $463,134 | $463,134 |
| 4 | $449,817 | $449,817 |
| 5 | $435,949 | $435,949 |
| 6 | $421,508 | $421,508 |
| 7 | $406,470 | $406,470 |
| 8 | $390,811 | $390,811 |
| 9 | $374,505 | $374,505 |
| 10 | $357,526 | $357,526 |
| 11 | $339,845 | $339,845 |
| 12 | $321,433 | $321,433 |
| 13 | $302,260 | $302,260 |
| 14 | $282,296 | $282,296 |
| 15 | $261,506 | $261,506 |
| 16 | $239,857 | $239,857 |
| 17 | $217,314 | $217,314 |
| 18 | $193,840 | $193,840 |
| 19 | $169,395 | $169,395 |
| 20 | $143,941 | $143,941 |
| 21 | $117,435 | $117,435 |
| 22 | $89,833 | $89,833 |
| 23 | $61,091 | $61,091 |
| 24 | $31,162 | $31,162 |
| 25 | $0 | $0 |
Every payment under your plan
Prepayments have their own column and are applied after the regular payment in the same period. You can download the CSV for free.
| Year | Date | Payment | Principal | Interest | Prepayment | Total interest to date | Balance |
|---|---|---|---|---|---|---|---|
| September 1, 2027 | 12 | $11,794 | $20,060 | $0 | $20,060 | $488,206 | |
| September 1, 2028 | 12 | $12,282 | $19,573 | $0 | $39,633 | $475,924 | |
| September 1, 2029 | 12 | $12,789 | $19,065 | $0 | $58,699 | $463,134 | |
| September 1, 2030 | 12 | $13,318 | $18,537 | $0 | $77,236 | $449,817 | |
| September 1, 2031 | 12 | $13,868 | $17,987 | $0 | $95,222 | $435,949 | |
| September 1, 2032 | 12 | $14,441 | $17,414 | $0 | $112,636 | $421,508 | |
| September 1, 2033 | 12 | $15,038 | $16,817 | $0 | $129,453 | $406,470 | |
| September 1, 2034 | 12 | $15,659 | $16,196 | $0 | $145,649 | $390,811 | |
| September 1, 2035 | 12 | $16,306 | $15,549 | $0 | $161,198 | $374,505 | |
| September 1, 2036 | 12 | $16,980 | $14,875 | $0 | $176,073 | $357,526 | |
| September 1, 2037 | 12 | $17,681 | $14,173 | $0 | $190,246 | $339,845 | |
| September 1, 2038 | 12 | $18,412 | $13,443 | $0 | $203,689 | $321,433 |
Keep a summary of these results. For every payment row, use the CSV export above.
No email address needed. The PDF records the displayed estimate and key inputs.
Check what your contract allows
Privileges run from 10% to 20% of the original principal, and the payment increase option is separate. Send us your commitment and we’ll read it. We read contracts from 30+ lenders every week.
Have us read my contractPayment /mo
$2,654.56
How this is calculated
Every figure on this page comes from one tested calculation engine. Here’s what it does.
How accelerated payments shorten your mortgage
Every Canadian payment frequency is worked out from the monthly payment, the same way lenders do it. Bi-weekly is the monthly payment × 12 ÷ 26, so it’s the same money on a different calendar. Accelerated bi-weekly is the monthly payment ÷ 2, paid 26 times a year. That adds up to 13 monthly payments a year instead of 12. The 13th payment goes almost entirely to principal, and that’s why the accelerated options shorten an amortization and the ordinary ones don’t.
Take the $500,000, 4.89%, 25-year example this page opens with. Monthly payments cost $363,036.77 in interest over the full amortization. Ordinary bi-weekly saves $1,817.96 and finishes on the same day. Accelerated bi-weekly saves $58,050.11 and finishes 3 years and 5 months early, with the same rate, balance and lender.
How prepayments are applied
A prepayment lands after the regular payment in the same period and goes entirely to principal. The next period’s interest is charged on a smaller balance, and the effect compounds for the rest of the amortization. A lump sum in year 2 is worth several times the same lump sum in year 15.
A payment increase raises the regular payment itself, so the extra goes to principal in every period instead of once a year. Most lenders allow one increase a year, and the 2 privileges are usually separate.
Prepayment privileges
Almost every closed Canadian mortgage lets you prepay some amount without a charge, typically 10% to 20% of the original principal per year. That’s the original principal, not today’s balance. Going over it triggers a prepayment charge calculated under your contract. This tool tracks the largest amount your plan prepays in any single year and compares it with the privilege you set. If your plan goes over, the calculator flags the excess.
The privilege comes from your contract, not from law. Read your commitment, or send it to us and we’ll read it.
How to switch to accelerated payments
Accelerated frequencies are a standard option at every major Canadian lender. You don’t set them up yourself by making extra payments. You ask the lender to change the schedule, and most will do it on request at no cost. Changing frequency doesn’t change your contract, rate or term.
Why our totals can differ from other calculators
Payments round up to the next cent, and each period’s interest rounds to the nearest cent before the principal portion is worked out. Every total on this page comes from running the whole schedule instead of a shortcut formula. That’s why the amortization figures land on whole payments and the final payment is smaller than the rest.
What this calculator leaves out
It assumes your rate stays the same for the rest of the amortization, but your rate is only fixed for the term. It also can’t see your cash flow. A smaller prepayment plan you can keep up is better than one that leaves you without an emergency fund.
Common questions
Does accelerated bi-weekly pay off a mortgage faster?
Yes. An accelerated bi-weekly payment is half your monthly payment, paid 26 times a year. That’s 13 monthly payments a year instead of 12, and the extra one goes almost entirely to principal.
On a $500,000 mortgage at 4.89% over 25 years, that saves about $58,050 in interest and pays the mortgage off 3 years and 5 months sooner. Ordinary bi-weekly (the monthly payment × 12 ÷ 26) saves under $2,000 and doesn’t move the payoff date.
How much can I prepay without a penalty?
It depends on your contract. Most closed Canadian mortgages let you prepay 10% to 20% of the original principal each year as a lump sum, plus a separate option to raise your regular payment once a year.
The percentage is of what you originally borrowed, not today’s balance. On a $500,000 original principal, a 15% privilege is $75,000 a year, however far the balance has fallen. Anything over that triggers a prepayment charge.
Is it better to make a lump sum payment or increase my payment?
For the same total amount, a payment increase usually saves more. The extra goes to principal in every period instead of once a year, so it starts compounding sooner and more often.
A lump sum suits money that arrives irregularly, like a bonus, a tax refund or an inheritance. It’s worth far more early in the mortgage than late. The 2 privileges are normally separate in your contract, so you can usually use both. Enter both above and compare.
Do I have to arrange accelerated payments myself?
No. Accelerated bi-weekly and accelerated weekly are standard product options at almost every Canadian lender. You ask your lender to switch. You don’t need to make extra payments by hand or run a side account.
Changing frequency doesn’t change your rate, term or contract. You do have to tell your lender, though. It won’t happen on its own.
What happens if I prepay more than my privilege allows?
Your lender charges a prepayment penalty on the excess, calculated under your contract. On a closed fixed mortgage, that’s usually the greater of 3 months’ interest or an interest rate differential. On a closed variable mortgage, it’s usually 3 months’ interest.
This tool still runs the plan when it goes over, and it labels the excess so you can compare the saving net of the charge. Estimate the charge.
Should I prepay my mortgage or invest the money?
Prepaying earns a risk-free, tax-free return equal to your mortgage rate. No risk-free Canadian investment pays that today, and mortgage interest on a principal residence isn’t tax-deductible here the way it is in the United States.
An RRSP or FHSA contribution that generates a refund, or an employer match, can beat it outright. Neither beats having an emergency fund. This page shows the mortgage side of that comparison, and the rest depends on your situation.
What to work out next
- Amortization scheduleSee each prepayment in the full schedule, payment by payment.
- Mortgage penalty (IRD)If your plan goes over your privilege, see what the prepayment charge would be.
- Mortgage paymentStart from a price and a down payment instead of a balance.
- 25 vs 30-year amortizationThe same question from the other side: what a longer amortization costs.
- Renewal comparisonRenewal is the one day in your term when you can prepay any amount with no penalty.
- Refinance break-evenIf the rate itself is the problem, prepaying won't fix it.
This calculator provides estimates only. Results are based on the information you enter and on assumptions that may not reflect your actual qualification, rate or costs. These include semi-annual, not-in-advance compounding for fixed rates, as required under section 6 of the federal Interest Act, and the mortgage default insurance premium tiers published by CMHC, Sagen and Canada Guaranty. It is not mortgage advice, a quote, a rate hold, a pre-approval or an offer of credit, and RateLens does not guarantee its accuracy or completeness. Your actual rate, payment, default insurance premium and closing costs will depend on your credit profile, income, the property, the lender’s current rates and policies, and other factors confirmed during a full application.
Prepayment charges are calculated by your lender under the terms of your specific mortgage contract, and lenders use materially different methods. Many chartered banks calculate the interest rate differential against posted rates, which generally produces a larger charge than the discounted-rate method used by many monoline lenders and credit unions, including Alberta credit unions. This estimate is not a quote. Obtain a written payout statement from your lender before making any decision to break your mortgage.
Rules snapshot: September 16, 2026. Rates shown are calculation assumptions, not confirmed offers. Speak with Daniel De Sousa, Mortgage Associate, for a personalized quote. Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage, a licensed mortgage brokerage licensed by RECA.
Daniel De Sousa, Mortgage Associate, is licensed by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage is a mortgage brokerage licensed by the Real Estate Council of Alberta (RECA). Verify our licence on RECA ProCheck(opens in a new tab)
RateLens is a trade name used by Daniel De Sousa, Mortgage Associate, licensed in Alberta by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
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Ask us about accelerated payments
Most lenders will switch you on request at no cost. We'll tell you which ones, and what your contract already allows.
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