What is the main advantage of a biweekly payment mortgage?

The main advantage of a biweekly payment mortgage lies in the reduced total interest costs over time. When borrowers make payments biweekly instead of monthly, they are effectively making one extra payment each year. This additional payment goes directly toward the principal balance, which lowers the overall amount of interest that accrues over the life of the loan.

As a result, the borrower can pay off the mortgage more quickly, sometimes significantly reducing the term of the loan, which leads to substantial savings on interest payments. It's a strategy that can help homeowners build equity faster and may also result in saving tens of thousands of dollars in interest over the duration of the mortgage.