If you change the frequency of payment from monthly to biweekly (every 2 weeks) you can also reduce the amortization to from 30 years to 26 years. 4 years earlier you pay off your mortgage.
In this scenario your biweekly payments are calculated based on the half of the monthly payments. Also remember not only you pay more frequently (bi-weekly vs. monthly) but also there would be 26 payments in a year. This is vs. 12 payments of monthly in a year. In another word, it looks like you pay one extra monthly payment in each year. Please note the weekly payment help very little in the mathematical calculations comparing to biweekly.
Balance of Mortgage: $300,000
Initial Amortization: 30 years
Rate: 5 years fix 3.6%
Monthly payment: $1,359
Biweekly Payment: $679.5 (half of monthly payment)
Amortization: 26 Years
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