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Payment Frequency
Payment frequency refers to how often you make your mortgage payments. You can also choose an accelerated payment schedule. Accelerated payments allow you to make the equivalent of one extra monthly payment each year. This can save you thousands, or tens of thousands of dollars in interest over the life of your mortgage.
Your payment frequency options may include:
- Monthly—1 payment per month
- Semi-monthly—2 payments per month (monthly payment ÷ 2)
- Biweekly—1 payment every 2 weeks (monthly payment X 12 ÷ 26)
- Weekly—1 payment per week (monthly payment X 12 ÷ 52)
- Accelerated biweekly—1 payment every 2 weeks (monthly payment ÷ 2)
- Accelerated weekly—1 payment per week (monthly payment ÷ 4)
