Payment Schedule

Understand mortgage payment schedules in Canadian real estate, how frequency affects interest costs, amortization, and cash flow planning.

Payment Schedule

May 30, 2025


What is a Payment Schedule?

A payment schedule is the frequency and timing of mortgage payments agreed upon between a borrower and lender.

Why Does a Payment Schedule Matter in Real Estate?

In Canadian real estate, mortgage payments can be made on a variety of schedules, which affect interest paid and how quickly the loan is paid down.



Common payment frequencies include:
  • Monthly
  • Bi-weekly (standard or accelerated)
  • Weekly (standard or accelerated)



Accelerated options lead to faster amortization and less total interest. Borrowers can choose a schedule that aligns with their cash flow and budget.



Understanding payment schedules he

Example of a Payment Schedule in Action

A homeowner selects an accelerated bi-weekly payment schedule, reducing their 25-year amortization by several years and saving on interest.

Key Takeaways

  • Defines how often mortgage payments are made.
  • Impacts interest and loan duration.
  • Includes monthly, bi-weekly, and weekly options.
  • Accelerated options reduce interest.
  • Important for budgeting and repayment planning.

Related Terms

Additional Terms

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Mortgagee in Possession

A mortgagee in possession is a lender who takes control of a property after borrower default, but before foreclosure or power of sale. The lender. more

Lease Surrender Agreement

A lease surrender agreement is a negotiated contract between a landlord and tenant that ends a lease before its scheduled expiration. Terms may. more

Green Infrastructure

Green infrastructure refers to natural or engineered systems that manage stormwater, reduce heat, and improve sustainability in developments.. more

Escrow Holdback

An escrow holdback is a portion of funds withheld at closing and held in escrow until specific conditions are met, such as completion of repairs,. more

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