Sentences with phrase «pseudo biweekly»

What most borrowers get when they convert their loan from monthly to biweekly payments is a pseudo biweekly (or standard biweekly) payment plan.

The pseudo biweekly (or Standard Biweekly) payment plan is what most borrowers get when they convert their loan from monthly to biweekly payments.

The only similarity between the true biweekly and the pseudo biweekly (or Standard Biweekly) is having your money withdrawn from your bank account every two weeks.

This calculator will show you how much you will save if you calculate interest for two - week intervals and apply the biweekly payments less the interest to reduce principal every two weeks (in other words, if you set up a true biweekly (sometimes called simple interest biweekly) payment schedule), instead of having your money withdrawn from your bank account every two weeks by your lender and making a full mortgage payment once a month plus one additional payment once a year out of a special account, managed by the lender (pseudo biweekly or standard biweekly payments).

On the pseudo biweekly, the biweekly payments are credited to a special account managed by your lender, and on the 1st of the month, as with standard payments, the monthly payments are made out of that account.

The true biweekly payment plan is not what most borrowers get when they convert their loan from monthly to biweekly payments (pseudo biweekly).