biweekly mortgage payment

This may be a dumb quesiton–chalk it up to being green (first-time home buyer). Anyway, I received a letter from my bank saying that I would save tons of interest and shave years off of my loan simply by paying my mortgage biweekly. Is this right? How can getting half of a payment every two weeks instead of a full payment every month be worth that much? I had intended to pay once a month and add 1/12 of a mortgage payment. Should I be paying twice a month and adding 1/24?

By Cantaffordcarroll | 01/21/2009 10:33 AM