Standard vs. Bi-Weekly Calculator

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Financial Analysis (Switch to Plain English)

	Standard	Bi-Weekly
Length :	30 Yrs 0 Mts	25 Yrs 7 Mts
Time Saved :	4 Yrs 5 Mts
Bi-Weekly Payment :	-	$667.11
Monthly Payment :	$1,334.23	$1,445.41
Total Interests Paid :	$230,321.61	$192,341.26
Interest Savings :	$37,980.35

Results: In Plain English (Switch to Financial Analysis)

When you set up your mortgage payment repayment plan, you can choose between a standard repayment plan or a fortnightly repayment plan. With the standard plan, it would take you 30 years to repay the loan while a fortnightly plan will take 25 years and 7 months. This will save you 4 years and 5 months. But, the savings doesn't end there. If you took out a $250,000.00 loan with an interest rate of 5.000%, you can expect to pay $1,334.23 per month, while a fortnightly payment plan will call for a payment of $667.11 every other week. As a result, you will pay only $192,341.26 in interest with the fotnightly schedule rather than $230,321.61 with the standard payment plan. This means that you will save a total of $37,980.35 with the fortnightly plan.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult a Mortgages Canada representative for more information.

Standard vs. Bi-Weekly Calculator

Rates updated on May 17, 2012