Definition
Bimonthly Mortgage
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A bimonthly mortgage is a housing loan in which half the monthly required payment is made twice a month.
Such payment arrangements can help a borrower save a little money from interest charges.
This is because the outstanding balance reduces at a much faster rate compared to a typical home loan with a monthly payment.
But keep in mind that the remaining balance at the end of the year will equate to a regular monthly mortgage.
This is due to 24 half payments a year will still be the same as 12 payments a year.
It should not be confused with a biweekly mortgage.
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