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What are the advantages and disadvantages of a bi-weekly mortgage?

Advantage: You get your mortgage paid off quicker. (But why wouldn't you just finance your mortgage for a shorter term anyway?)
Advantage: If you get paid bi-weekly it's easier to manage your cashflow. (But see below)

Disadvantage: It usually costs a bundle to set up and maintain.
Disadvantage: You can pay off your mortgage biweekly without paying anyone else -- just make sure that in months when you get 3 paychecks, send in a check marked "This payment is a prepayment of principal."
Disadvantage: In fact you can prepay any amount of principal at any time using this method.

Maybe advantage, maybe disadvantage: Depending on the interest rate of your mortgage and the interest rate on other possible places to put your cash, when all is said and done prepaying the principal may result in more or less money than paying by the schedule.
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