More and more people want the security and the psychological benefit of owning their home free and clear. Biweekly mortgage payments take advantage of the fact that there are 52 weeks in the year and 12 months. If you pay half your regular mortgage payment every other week, you'll have made 26 half-payments, or the equivalent of 13 full monthly payments, at year's end. Approximately how many years faster will you pay off your mortgage if you make biweekly payments?
The extra annual payment can chop about six years off a 30-year mortgage.