A mortgage that requires 26 half payments every other week is known as what?

A mortgage that requires 26 half payments every other week is accurately referred to as a biweekly mortgage. The term "biweekly" specifically describes a payment schedule where payments are made every two weeks. With this structure, a borrower makes half of the monthly mortgage payment every two weeks, which leads to a total of 26 payments throughout the year.

This method results in an additional full monthly payment being made toward the principal in a calendar year, thereby reducing the overall loan balance more quickly and potentially saving on interest costs over the life of the loan. This contrasts with other payment schedules, such as monthly, weekly, or quarterly, which do not provide the same frequency or effect on the loan's payoff timeline and interest savings. The biweekly payment plan can be beneficial for borrowers looking to pay down their mortgage faster.