It requires you to pay your mortgage every other week, thus resulting in 26 payments a year. These 26 payments add up to roughly 13 regular mortgage payments. Thus, with a biweekly mortgage, you’ll be making roughly one extra full mortgage payment a year. As a result, you will pay off your mortgage six years faster. Banks usually charge about $400 for this feature. There is actually nothing wrong with paying off your mortgage faster, but you do not need to spend $400 to do it. You can do this on your own, any time, by simply making an extra payment.