Bi-Weekly Payment Calculator
This calculator compares monthly payments with accelerated bi-weekly payments — half the monthly amount every two weeks. Enter your own numbers; the defaults are examples, not a quote.
How this calculator works
An accelerated bi-weekly plan takes half your monthly payment and collects it every two weeks. Because there are 26 two-week periods in a year, you make the equivalent of 13 monthly payments instead of 12, so the loan is paid off faster.
Formula: the monthly payment is P × r / (1 − (1 + r)^−n) with r = annualRatePct ÷ 100 ÷ 12. The bi-weekly payment is half of that, applied at a per-period rate of annualRatePct ÷ 100 ÷ 26, for as many two-week periods as it takes to clear the balance. The extra annual payment comes from the 26 periods rather than 12.
Accelerated bi-weekly is not the same as a simple bi-weekly plan that divides the monthly payment across two dates without adding a payment. Only the accelerated version creates the extra annual payment and the interest saving.
Check that your lender allows bi-weekly payments and confirm the payment dates align with your paycheque. A bi-weekly plan that does not match your income can cause missed payments, which costs more than the interest you save.
This is an illustration using the numbers you enter. Real savings depend on the lender's rate, any fees, and how it applies each payment. Ask the lender to show the schedule in writing before you switch.
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Frequently Asked Questions
What is accelerated bi-weekly?
You pay half the monthly payment every two weeks. With 26 periods a year, that equals 13 monthly payments, so you pay the loan off faster.
Is bi-weekly always cheaper?
Accelerated bi-weekly saves interest because you pay more each year. A simple bi-weekly plan that only splits the monthly payment does not add a payment and saves little.
Can every loan be paid bi-weekly?
No. Some lenders do not offer it or charge a fee. Ask before you switch, and check that the dates suit your pay cycle.
How much time does it save?
It varies with the rate and term, but accelerated bi-weekly commonly shortens a loan by several months and reduces total interest.
Last updated: September 16, 2026 · By the Instalment.ca Editorial Team
We research Canadian lending rules and update these pages when the law, the data, or the available offers change. We are not a lender and we do not provide personal financial advice.
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This is general information, not financial, legal, or tax advice.
Rates and terms vary by lender, creditworthiness, and province. Figures shown are examples only.