|Canadian Mortgage Calculator|
Notice that all fix-rate mortgages in Canada are compounded semi-annually. Do NOT use this calculator for other general-purpose loans or mortgages. Instead, please use the loan calculator or its advanced version.
|Each Payment||Total Payments||Total Interest|
The accelerated bi-weekly payment is, take the monthly payment above (as if you were to pay off the loan in 15 years) and divide it by 2, enforcing a fictitious 28-day month.
Notice that this amount ($920.51) is significantly higher than the normal bi-weekly payment ($848.30), resulting in the loan being paid off much earlier than the original term of 15 years, therefore the acceleration.
|Each Payment||Total Payments||Payoff Time|
|Accelerated Bi-Weekly||$920.51||$311,242.27||13 years|
Accelerated weekly is essentially the same as accelerated bi-weekly, except that the payment amount is calculated by dividing the monthly payment by 4, instead of 2.