Accelerated Bi-Weekly Payment
A payment frequency where you pay half your monthly payment every two weeks — producing 26 half-payments per year, equivalent to 13 monthly payments instead of 12.
Accelerated bi-weekly is a payment frequency option where you pay half your monthly payment every 14 days. Because there are 26 bi-weekly periods in a year (vs. 12 monthly), you make the equivalent of 13 monthly payments per year — an extra payment per year compared to monthly. This 'extra' payment goes directly to principal, shortening your amortization by 3–5 years depending on rate and term. Regular bi-weekly (not accelerated) is simply your monthly payment × 12 ÷ 26, which produces no extra paydown. Accelerated weekly follows similar logic with 52 weekly periods.
Related Terms
The total length of time required to pay off your mortgage in full — typically 25 years in Canada, up to 30 years for first-time buyers and all buyers of new construction on insured mortgages.
The annual allowance for paying down extra principal without triggering a penalty — typically 15%, 20%, or 25% of the original mortgage balance.