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At RBC Royal Bank, you have the choice of weekly, bi-weekly,
semi-monthly or monthly payments. These can also be accelerated
which means that you make a slightly larger payment each
time, which amounts to one extra payment a year. How frequently
you make payments will make a substantial difference to
the overall amount you pay - more frequent payments is
one of the ways you can pay off a mortgage faster! See
the differences in the example below using an $80,000
mortgage at 8.00%
Payment Frequency
|
Amount |
Amortization |
Total interest
Paid |
Monthly
|
$ 610.57 |
25.0 years |
$ 103,172 |
Semi-Monthly
|
$ 305.29
|
24.9 years |
$ 102,238 |
Bi-Weekly
|
$ 281.80 |
24.7 years |
$ 100,883 |
| Weekly
|
$ 140.90 |
24.6 years |
$ 100.469 |
| Accelerated
Bi-Weekly |
$ 305.29 |
19.9 years |
$ 78,015 |
| Accelerated
Weekly |
$ 152.64 |
19.9 years |
$ 77,737 |
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