A mortgage plan in which the borrower makes payments twice a month. This is slightly different from a bi-weekly plan, in which the borrower makes payments every two weeks. In a bi-monthly plan a borrower makes 24 payments a year. In a bi-weekly plan a borrower makes 26 payments a year. The advantage of either plan is that a borrower pays less interest over the life of the mortgage because the principal is reduced with each payment.
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- Bi-Monthly Mortgage: Definition from Answers.com
Bi-Monthly Mortgage A mortgage plan where half the scheduled monthly payment is made twice a month. This plan is not to be confused with a bi-weekly.