You may not be sure which Payment Frequency is ideal to make your mortgage payments

Should you pay your mortgage every week? Every two weeks? What about accelerated payments?

Typically the different frequencies offered by most lenders are:

→ Monthly (12 payments per year)

→ Semi-monthly (24 payments per year)

→ Non-accelerated bi-weekly (26 payments per year)

→ Accelerated bi-weekly (more on that below)

→ Non-accelerated weekly (52 payments per year)

→ Accelerated weekly (same as accelerated bi-weekly, but, well, weekly )

You may find that smaller, more frequent payments that match when you are paid from your employer more manageable, if so, then bi-weekly may be the best option.

If you prefer less frequent payments, monthly may be the best option for you.

Depending on your lender, you may have additional options as well, such as semi-monthly payments, which would be the regular monthly payment split into two payments.

You can also opt for accelerated options. This can help you pay off your mortgage faster, which could decrease your overall interest paid. In an accelerated payment plan, you are making one extra monthly payment each year by splitting it up into 26 pieces with each piece added to your regular bi-weekly payment.

Within the non-accelerated options, there can also be small savings by selecting a specific frequency. I’d be happy to run any scenarios you are considering to see if there are any opportunities to save money by going a certain route.

And don’t worry if you change your mind down the road, most lenders allow for changes to payment frequency at any time.

As always, reach out if you have any mortgage-related questions!