biweekly Mortgage Payments - New Loan feature?

Hi all, 

Are biweekly mortgage payments a Canadian thing? I was wondering why YNAB was forcing me to make a "Monthly" payment when my payment is biweekly. yes I know I can do a 26 x payment amount / 12 to get a rough monthly payment but I feel like this does not allow me to have biweekly/weekly savings targets that work better for me in my budget.

 

Is that something the loans feature is getting feedback on? is there something I am missing when I set up a mortgage account?

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  • Searching for the same answer! I hadn't thought of it as Canadian, but perhaps, as I'm in Ontario.... 

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  • You can choose to pay biweekly in US, though it may not be a choice in Canada. YNAB's loan feature does not support this well.  I suggest a tracking account in YNAB.

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  • Aquamarine Python This is definitely something we've received feedback on - you're not alone (and you're correct about the solution, too). If you'd like to add your feedback to the mix, you can let our product team know what you're looking for by filling out this form!

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  • Biweekly mortgage payments are definitely a thing in Canada. My partner and I pay our mortgage biweekly, and we’re with First National.

    I’m not sure how they work with the YNAB system, but I thought I’d let you know that this type of mortgage repayment does exist here.

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  • I could pay my mortgage daily if i chose to and the interest would be calculated on the closing balance every single day but charged at the end of the month. The loan feature is far too rigid right now so i suggest most people stick with tracking accounts as before.

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  • Another Canadian who has been on both bi-weekly payroll and bi-weekly loan payments for years.  Hoping this functionality gets added to YNAB soon.

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  • I have the same issue. Unfortunately I was not able to rectify it and scrapped the loan planner. I just started a 20yr refi so it didn't make much sense to me to put any more effort into the tracking other than the typical debit from my checking as I already know it will be paid off years before my original mortgage would have been.

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  • Same issue here! Just starting to set up our budget, and not having  the option to choose bi-weekly payment option makes it very challenging. We have most of our monthly expenses configured for bi-weekly payment. Please add this feature! 

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    • Gold Piano Gordon Patterson Jr  Spring Green Filly  If you haven't yet, know that you can submit a Feature Request to share your feedback directly with our design team! :)

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    • Dela Thank you so much! Sometimes the things we don't think of are the simplest.

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