If you pay your mortgage monthly, you’re making 12 payments a year. Normally, the payment is due the 1st of every month. When you enroll in a bi–monthly payment program, you’re paying half your monthly amount every two weeks. There are 52 weeks in a year, so this works out to 26 bi–monthly payments. Or, in effect, 13 monthly payments. This is how it is done.

EXAMPLE:

There is no secret sauce, just math. With the Bi-Monthly payment arrangement you are making the equivalent of 13 mortgage payments each year, not 12. The extra is being applied toward principal reduction. You will pay off the loan sooner and avoid interest.

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