Bimonthly mortgage payments is a payment option where mortgage payments are made twice a month. Some lenders offer this bimonthly payment service to homebuyers.

With bimonthly payments, you pay half of the monthly payment twice a month (for example, you pay 1/2 of the monthly payment on the 1st of the month, and the other half on the 15th). There will be a total of 24 semi-monthly payments in a twelve-month period. The lender must not hold the payment until the end of the month and apply it to the loan balance right away.

Bi-monthly payment plans don't achieve the same results as the bi-weekly payment plan and are rarely used. On a 30 year fixed mortgage it will take 29 years and 11 months to pay off the loan and will only save you one month's interest.

I believe bi-weekly mortgage payments offer and better alternative to borrowers and can allow for the payoff of a 30 year loan in 19 years.