The three most common payment frequencies are monthly, bi-weekly and weekly. Increasing the frequency of your payments can allow you to pay off your mortgage sooner and reduce the total amount of interest paid.

You should select a payment frequency based on what is convenient for you. You may want to match your payments to your pay periods. If your goal is to pay off your mortgage quickly, consider accelerated weekly or bi-weekly payment plans. You'll make the equivalent of 13 monthly payments each year, rather than 12, and realize significant interest savings. Other options are to choose a shorter amortization period or take advantage of prepayment privileges.

Example: If you have a $100,000 mortgage, 8% interest rate, 25 year amortization

Payment Frequency	Payment	Total Interest Paid	Interest Saving	Mortgage Free
Monthly	$763.21	$128,966	-----	25 Years
Bi-Weekly	$351.29	$127,720	$1,246	24 yr. 10 mon.
Accelerated Bi-Weekly	$381.61	$98,483	$30,483	20 years