Bi-weekly payment mortgage

What is Bi-weekly payment mortgage?

A type of mortgage that requires payments to amortize the underlying debt every two weeks (instead of the standard monthly payment schedule). The 26 (or possibly 27) biweekly payments are each equal to one-half of the monthly payment that would be required if the loan were a standard 30-year fixed-rate mortgage, and they are usually directly drafted from the borrower's bank account via ACH. The result for the borrower is a substantial savings in interest because principal is paid down faster because of the shorter amortization schedule.

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