How much better off am I with bi-weekly vs. monthly payments?

Despite popular belief, the advantages of bi-weekly vs. monthly payments is slight. It is not the payment frequency that makes the difference to pay off your mortgage early, but rather how much you pay towards your outstanding principal. Any extra payments toward your principal will dramatically reduce your amortization period.

Think payment amount and not frequency as the key to paying off your mortgage early. In other words, look at the total amount you’re paying towards your mortgage over the course of a full year, regardless of payment frequency, to determine whether your mortgage is being paid down faster.