Biweekly Mortgage

A biweekly mortgage is a simple payment strategy designed to pay off a loan faster and save on interest. Instead of making one full mortgage payment once a month (12 payments a year), the borrower pays half of the monthly payment every two weeks. Since there are 52 weeks in a year, this results in 26 half-payments, which equals 13 full monthly payments annually. By making that one extra full payment every year, the borrower reduces the principal balance much more quickly, potentially shaving several years off a standard 30-year mortgage term.