Should I convert to a bi-weekly payment schedule?

It may surprise you that most banks and mortgage companies collect two to three dollars for every dollar that you borrow! However, there is a way to accelerate mortgage payoff using a method called Bi-Weekly Mortgage Payments. This program is implemented by dividing your monthly mortgage payment in half and paying it every other week - resulting in a net effect of paying an extra payment toward principal each year.
Loan Information
Original loan amount ($) 
Annual interest rate (%) 
Number of months (30yrs=360) 
Number of payments made: 3 yrs = 36 pymts 

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