A payment schedule in which the borrower repays the mortgage in 2 week intervals rather than standard monthly intervals. Payments are calculated based on exactly one half of what the normal monthly payment would be for a 30 year fixed-rate mortgage. In this case, the borrower would pay 26-27 biweekly payments as opposed to 12 monthly (or 24 half-monthly) payments, therefore reducing the balance faster and saving significantly on interest.

A mortgage that requires payments to be made every two weeks (instead of monthly).

A mortgage with payments due every two weeks (instead of monthly).

A mortgage that requires payments to reduce the 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 drafted from the borrower's bank account. The result for the borrower is a substantial savings in interest.

a loan that has a biweekly payment schedule. This is a total of 26 monthly payments a year, ultimately paying off a loan faster and saving on interest costs.

A mortgage in which you make payments every two weeks instead of once a month. The result is that instead of making 12 monthly payments during the year, you make 13. The total amount you pay equals the amount of 13 payments, because you pay a total of 26 half-payments (one every other week) rather than 12 whole payments (one every four weeks or so, depending on the month). The extra payment helps you reduce the principal, substantially reducing the time it takes to pay off a 30-year mortgage.

A mortgage that features a bi-weekly payment that is approximately equal to about one-half of a regular monthly payment. The payments are then made 26 times a year, as opposed to 12 monthly full payments. Borrowers can save considerable interest over the life of the loan and can pay off the principal years earlier than a borrower making single monthly payments.

A mortgage that requires payments to reduce the debt every two weeks instead of monthly. The 26 (sometimes 27) biweekly payments are each equal to one-half of the monthly payment that would be required with a standard 30-year fixed-rate mortgage. The result is a faster loan balance reduction with a substantial savings in interest.

A plan to reduce the 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 required if the loan were a standard 30-year fixed-rate mortgage, resulting in substantial savings in interest. (Making 26 payments is equal to 13 monthly payments per year.)