Paid twice a month (24 pay periods a year)
yes
Commission only jobs, pay you based on a percentage of your total sales, either weekly or bimonthly
Actually, there several benefits of having a bimonthly mortgage payment. One of the benefits is for example the faster pay-off of the loan. Another benefit would be less total payments for the loan - mainly because of less interest payments due to the faster pay-off.
You will get paid a little more on each pay period. As far as your tax withholding, the different pay frequency will not make much difference overall.
Bi-monthly means you are paid twice every month, notice the prefix bi which means two. Since there are 12 months in a year, a person being paid bimonthly would have 24 pay periods in a year (12 X 2 = 24)
It means twice a month. For example, we pay our water and electricity bills bi-monthly.
To pay the bills faster one could select to pay by direct debit or standing order, one also has the option to pay many bills online, if one wants to pay credits faster, there are several options, simply pay more or switch to bimonthly payments.
The best way to pay of your mortgage earlier is to make additional payments soley towards the principle of your loan. Also you could shave off years of payments by making bimonthly payments.
To pay off $128,000 in 5 years at 6.42% interest you would have to pay almost $30,000 a year ($29,996.08 if my calculations were right). Monthly payments would be $2499.68, so I suppose bimonthly would be $1,249.84. You did not say what your current payments are or if they are monthly, but you would have to specify that anything over your current payment would have to go to principal.
Salary is usually on a weekly contract, though some people or the company's/businesses prefer monthly or bi-weekly and on very rare occasions annual salary, but usually only on VERY high paying jobs.
pay in is to pay inpay out is to pay out
Example: "I will pay you Tuesday for a hamburger today".