A Biweekly Mortgage is a loan payment plan where borrowers make payments to principal & interest every 2 weeks rather than once monthly. The Biweekly payment is half of the amount a monthly payment would be. The savings a Biweekly Mortgage payment plan can create are often substantial though the numbers often mislead borrowers. A thirty-year loan of $200,000 at 6.5% will have a monthly payment of $1,264.14. When this loan is converted to a Biweekly loan payment plan, the payment will be $632.07 paid every 2 weeks. Paying the loan this way will result in the loan being paid off almost six years earlier & it will result in a total savings of $58,747.11. The key to a Biweekly loan plan is that rather than making twelve full payments through out the year, you will make twenty-six half payments or thirteen full payments each year. This is because there are twenty-six two-week periods each year. On account of this some months require three payments or one and a half standard payments. Many experts maintain that keeping an existing monthly payment mortgage and making an extra payment each year will produce the same savings as a Biweekly loan payment plan would. They also maintain that many loan companies charge rather substantial service fees to convert a loan to a Biweekly plan.