First, let’s define biweekly: that’s every two weeks. In essence, with a biweekly mortgage, you are splitting your monthly payment in half and paying it twice as often. This schedule usually averages out to making one extra payment a year.

It doesn’t sound like much, but a biweekly mortgage payment plan can take five to seven years off the life of a typical 30-year mortgage and could potentially save you thousands in interest!

You can get a biweekly mortgage direct from a lender. It might incur an additional administrative fee, but, in the long run, it’s usually negligible compared to the savings you’ll get.

Or you can create your own "extra payment" plan. Most lenders allow you to increase your regular payment to pay down the principal. Simply divide your monthly mortgage payment by 12 and add that amount to your regularly scheduled payment.

If that’s still too much for you to do, even adding a little bit more each monthly payment will help.

In addition, consider automating your mortgage payments. This will help you stick to the plan, make sure that extra amount is taken out every month, and that your payment is made on time.

If you’re in the last years of your mortgage, you’re probably paying off the principal at this point, so you won’t save much in interest; however, it is better to retire with as little debt as possible. So, if your golden years will be here soon, the extra payments might be worth it as long as you don’t need to tap in to your nest egg or run up charges on your credit cards to officially own your home.