You can pay your mortgage either weekly, biweekly, semi-monthly or monthly. I don’t recommend monthly if you can avoid it as you can save a lot of interest over the mortgage period if you pay more often. When speaking with your mortgage broker they should be able to provide you a comparitive summary of your different payment options and provide you the cost savings of selecting different payment types. Many mortgages also give you the option to pay down up to 15% of your original mortgage amount each year. This option isn’t feasible for many people but it does allow you to pay any addition amount extra each year. It is important to understand the total amount of interest you are paying on your home and identify ways to lower that overall interest as it will save you money in the long run. By doing this you can save money on interest and own your home outright sooner.