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Simple English definitions for legal terms

biweekly mortgage

Read a random definition: decree of furthcuming

A quick definition of biweekly mortgage:

A biweekly mortgage is a way to pay for a house where you make payments every two weeks instead of once a month. This means you make 26 payments a year instead of 12. It can help you pay off your mortgage faster and save money on interest in the long run.

A more thorough explanation:

Biweekly mortgage is a type of mortgage payment plan where the borrower makes payments every two weeks instead of the traditional monthly payment schedule. This means that instead of making 12 payments a year, the borrower makes 26 payments a year, which can help them pay off their mortgage faster and save money on interest.

Let's say you have a mortgage of $200,000 with a 30-year term and an interest rate of 4%. If you make monthly payments, your payment would be $954.83. However, if you choose to make biweekly payments, your payment would be $477.42 every two weeks. By making biweekly payments, you would pay off your mortgage in 25 years and save over $30,000 in interest.

Another example would be if you have a mortgage of $300,000 with a 15-year term and an interest rate of 3.5%. If you make monthly payments, your payment would be $2,144.65. However, if you choose to make biweekly payments, your payment would be $1,072.33 every two weeks. By making biweekly payments, you would pay off your mortgage in 13 years and save over $20,000 in interest.

These examples illustrate how biweekly mortgage payments can help borrowers pay off their mortgage faster and save money on interest over the life of the loan.

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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