How to Get a Bi-Monthly Mortgage Payment

Bimonthly payments simply divide your mortgage payment in half.

Bimonthly mortgage payments are simply a different way to pay. Different from biweekly mortgage payments (when half a mortgage payment is made every two weeks), bimonthly payments simply divide your mortgage payment in two, then require you to make half a payment twice a month on specified dates--often the 15th and 30th of the month. Arranging this is simple.

Things You'll Need

• Mortgage statement

Instructions

1. Contact your lender to find out if there is a proprietary payment plan. Some lenders have their own accounts exclusively for mortgage payments. Often, a percentage of your paycheck is deposited into this account, then automatically debited twice a month for your mortgage payment.

2. Pay bimonthly on your own, without the help of your lender. Just divide your payment in half, decide upon two dates during the month (the 15th and the 30th are common) and make half payments on these two dates. Make sure to stay on top of this, if you are sending checks.

3. Set up auto debits at your own bank. Most large banks now offer e-bill payments, often via autopay. Log on your bank's website, access the bill pay section and arrange a twice-monthly mortgage payment. Make sure to contact your bank on the proper date to pay at the end of February, due to leap year uncertainty.

4. Bring the half mortgage payments to your lender in person. This will make sure the payments post on the same day, reducing the chance of late fees and extra interest. This is an especially viable idea if their office is on your way to work.

References

• Bimonthly and Biweekly Mortgage Payments