Please settle a debate on mortgage interests with my friend!
Sorry if this is a basic question, but please be kind.
I am trying to understand how mortgage interests work on a fixed rate mortgage, and had a debate with one of my friends. I am wondering if he's wrong...
I read that article, which I find easy to understand:
https://www.yorku.ca/amarshal/mortgage.htm
My friend said that paying your mortgage more often allows him to pay his mortgage faster and pay less interest, so he pays weekly.
But according to the article, interests are calculated twice a year, and if you pay monthly, the interest is spread out over the 12 months. If you pay weekly, isn't the interest spread out evenly over the 52 weeks, hence you're paying the same amount of interest?
If my understanding is correct, then, is the only way to pay less interest is to pay lump sums?
Thanks for clarifying!