I received a letter from my mortgage company, with an offer that sounds too good to be true.
Instead of paying $2000 every month, pay $1000 every 2 weeks. The result - you save over $50,000 over the life of the loan, and payoff 5 years sooner. Also, a biweekly payment matches your payday schedule and makes budgeting simpler!
Now, what's the catch? Just paying 15 days before the due date cannot have such a drastic effect on your mortgage? Googling for "equity accelerator", led me to this fine article at dallasnews, pay down your mortgage without paying for the privelege.
So that's the catch, a biweekly payment schedule is not the same as a semi-monthly schedule. You pay 26 times a year, not 24, and then pay a fee for this convenience!