CWB Canadian Western Bank

Payment Frequency


Teal house with gold room with window math symbols forming calculator on teal background

Changing your payment frequency can result in big savings over the life of your mortgage and help you become mortgage-free faster. Read about our payment frequencies below and choose which type of payment fits your lifestyle the best.

Monthly
A monthly mortgage payment is when your mortgage payment is withdrawn from your bank account on the same day of every month. With a monthly mortgage payment, you make 12 payments per year.
Semi-Monthly
A semi-monthly mortgage payment is structured to be paid on two dates per month, such as the 1st and 15th days of each month. You would make 24 payments a year.
Bi-Weekly
A bi-weekly mortgage payment is when your monthly mortgage payment is multiplied by 12 months and divided by the 26 pay periods in a year. With a bi-weekly mortgage payment, you make 26 payments per year, every 14 days.
Weekly
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, every 7 days.

Making accelerated payments can help you save!
By choosing an accelerated payment option, you make roughly one extra payment a year. It’ll cost you a little more on a monthly basis, but will save you thousands in interest and help you pay off your mortgage even sooner.

Accelerated Bi-Weekly
An accelerated bi-weekly mortgage payment is when your monthly mortgage payment is divided by two and the amount is withdrawn from your bank account every two weeks. With an accelerated bi-weekly mortgage payment, you still make 26 payments per year but the payment amount is slightly more than a regular bi-weekly mortgage payment. You make a payment every 14 days.
Accelerated Weekly
An accelerated weekly mortgage payment is when your monthly mortgage payment is divided by four and the amount is withdrawn from your bank account every week. With an accelerated weekly mortgage payment, you still make 52 payments per year but the payment amount is slightly more than a regular weekly mortgage payment.
Every 15 Days
Payment occurs every 15 days until maturity.
Quarterly
Payment occurs once every three months on the designated day until maturity.
Annually
Payment occurs once per calendar year on the designated day until maturity.