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
with each payment.