(NewsNation) — Mortgage rates are at their lowest level in two years — and could fall further — but interest payments are just one of the costs that come with a mortgage. Buyers also have to take into ...

When you make biweekly mortgage payments, you pay your loan every two weeks rather than once a month. This translates to 26 half-payments, or the equivalent of 13 full monthly payments per year.

Your payment is calculated based on your chosen interest rate and repayment period. The type of loan (interest-only or amortizing) will determine the loan payment formula and how interest is ...