1. What is Bimonthly Mortgage Payment?

A bimonthly mortgage payment is simply twice the monthly payment, made every two months. This payment schedule can help with budgeting for some homeowners.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Explanation: This straightforward calculation doubles your monthly payment amount to determine your payment every two months.

3. Benefits of Bimonthly Payments

Details: While this doesn't save interest like biweekly payments (26 half-payments per year), it can help with cash flow management for those who prefer making larger payments less frequently.

4. Using the Calculator

Tips: Simply enter your regular monthly mortgage payment to calculate your bimonthly equivalent. The amount must be greater than zero.

5. Frequently Asked Questions (FAQ)

Q1: Is bimonthly the same as biweekly?
A: No, bimonthly means every two months (6 payments/year), while biweekly means every two weeks (26 payments/year).

Q2: Will this payment schedule save me money?
A: Unlike biweekly payments, bimonthly payments won't save interest since you're making the same total payments annually.

Q3: Should I check with my lender first?
A: Yes, always confirm with your lender before changing payment schedules to ensure they accept this arrangement.

Q4: Are there any fees for switching to bimonthly?
A: Some lenders may charge fees for payment schedule changes - check with your specific lender.

Q5: Can I set up automatic bimonthly payments?
A: Many lenders offer automatic payment options for various schedules - inquire about available options.