A biweekly mortgage is a mortgage repayment plan that allows the borrower to repay the loan amount installments every two weeks instead of a single payment every month. This way a person can pay off its mortgage sooner as the biweekly plan allows 26 half payments (52 weeks / 2) to the lender instead of 12 monthly full payments.
Assume that a $150,000 mortgage that has 25 years loan term at 4%, offers a monthly payment plan of $400 or a biweekly plan of $200 every 2 weeks. If the borrower agrees to choose the biweekly plan the borrower can pay $5,200 ($200 x 26 biweekly payments) in a year whereas under a monthly plan the borrower can pay only $4,800 ($400 x 12 months).
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