Question 1

How much faster is a 30-year loan paid off biweekly?

Accepted Answer

At around 6%, roughly five to six years sooner. The exact gain depends on the rate and the lender's crediting method.

Question 2

Is it better than making one extra payment a year?

Accepted Answer

The total extra paid is the same. Biweekly spreads it out and applies it slightly earlier, so it saves a little more.

Question 3

Does it work for other loans?

Accepted Answer

Yes, the same logic applies to any amortising loan that allows prepayment without penalty.

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