How is it calculated?
Canadian fixed-rate mortgages compound semi-annually, not monthly, so the effective monthly rate is (1 + rate ÷ 2)1/6 − 1. Accelerated bi-weekly payments equal half the monthly payment paid 26 times a year, which adds one extra monthly payment each year.
Worked example
$600,000 at 4.09%, 25 years
Monthly: $3,185.46
Accelerated bi-weekly: $1,592.73 (pays off years sooner)
What should I do with the result?
Use it to set a budget or a target rate, then let lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
Frequently asked questions
What is accelerated bi-weekly?
Half your monthly payment every two weeks (26 payments), which equals 13 monthly payments a year.
Does the calculator include CMHC insurance?
Yes. With less than 20% down it adds the premium to the mortgage.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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