Mortgage mini-glossary

Bi-weekly normal mortgage payments

What are bi-weekly normal/non-accelerated mortgage payments? They're mortgage payments that you make every other week (26 times a year), that pay off the same amount on your mortgage per year as 12 regular monthly mortgage payments would.

So if you make bi-weekly normal/non-accelerated payments, you'll pay off your mortgage in the same amount of time as you would with monthly mortgage payments.

On the other hand, if you make bi-weekly accelerated mortgage payments, you would end up making the equivalent of one extra monthly mortgage payment per year (like 13 monthly mortgage payments a year).

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