Biweekly Mortgage

Definition: A biweekly mortgage payment arrangement schedules payments every two weeks, often using half the monthly payment each time.

Example

Twenty-six half-payments equal thirteen monthly payments over a year.

Keep the distinction clear

Every two weeks differs from twice monthly, which produces twenty-four half-payments. Interest savings depend on the amount paid and when payments are actually credited.

Related terms

Amortized Mortgage · Prepayment Clause · Principal

Keep studying

Mortgage Payment Factors: Calculate Principal and Interest

References: CFPB: payment-crediting issues in biweekly programs

Pronunciation (US): by-WEEK-lee MOR-gij (capitals show stress)

Pronunciation reference: Merriam-Webster