MORTGAGE PAYMENT FREQUENCY

Pay your mortgage on your schedule. Easily customize the frequency and date when your mortgage payments are drawn to fit your needs. It’s your mortgage, make it work for you.

Payment Options:

When it comes to making your mortgage payments, there can be an overwhelming amount of math. Depending on what payment frequency works best for you will determine the number of payments you make each year, the number of extra or “accelerated” payments a particular frequency can provide and ultimately, the amount of each payment.

A monthly mortgage payment is simply just that. Your mortgage payment is withdrawn on the same day of every month (ex. on the 1st of every month). With a monthly mortgage payment, you make 12 payments per year.

A semi-monthly mortgage payment is when your monthly mortgage payment is divided by 2 pay periods in a single month. With a semi-monthly mortgage payment, you make 24 payments per year.

   = Monthly Payment / 2

A bi-weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by 26 pay periods in a year. With a bi-weekly mortgage payment, you make 26 payments per year.

   = Monthly Mortgage Payment * 12 / 26

An accelerated bi-weekly mortgage payment is when your monthly mortgage payment is divided by 2 and the amount is withdrawn every 2 weeks. With an accelerated bi-weekly mortgage payment, you still make 26 payments per year but the payment amount is slightly higher than a regular bi-weekly mortgage payment. This method is used to pay down your mortgage faster.

   = Monthly Mortgage Payment / 2

A weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 52 weeks in a year. With a weekly mortgage payment, you make 52 payments per year.

   = Monthly Mortgage Payment * 12 / 52

An accelerated weekly mortgage payment is when your monthly mortgage payment is divided by 4 and the amount is withdrawn every week. With an accelerated weekly mortgage payment, you still make 52 payments per year but the payment amount is higher than a regular weekly mortgage payment. Similar to an accelerated bi-weekly payment, this too is a method used to pay down your mortgage faster.

   = Monthly Mortgage Payment / 4

Accelerated Versus Non-Accelerated

The major difference between regular and accelerated payments is how the payment is calculated. With an accelerated payment frequency, you make what works out to one extra payment a year. Overall it will cost you a little more every month but will save you thousands in interest and help you pay off your mortgage even sooner.

Payment
Frequency

Monthly
25 Years... until you are mortgage free!
Bi-Weekly
24 Years & 10 Months... until you are mortgage free!
Weekly
24 Years & 10 Months... until you are mortgage free!
Accelerated Bi-Weekly
21 Years & 7 Months... until you are mortgage free!
Accelerated Weekly
21 Years & 7 Months... until you are mortgage free!

25 Years