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Your proposal would probably give you some benefit. What's a half-month's interest, at your mortgage interest rate, on half your mortgage payment? That's about how much you save in the first month. Of course you save AT LEAST the same amount every month for a while; it accumulates, and then you start compounding - when the mortgage-rate interest on your total savings exceeds half a cent a month.

A true biweekly plan - where you pay 1/2 of your monthly payment every 14 days - buys you more because you'll make 26 half-payments a year. But a semi-monthly plan isn't bad.

The crucial thing is that you MUST begin it right after making a full regular payment. And you also want to confirm that your mortgage doesn't have any odd rules that would penalize you.
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