I discourage my clients from setting up bi-monthly mortgage payments. There is no magic in paying your mortgage twice a month but instead the savings in interest over time comes because of paying more per month. Banks like you to do the bi-monthly thing because they charge you a fee to do so and then charge you a little with each payment.They trick consumers into thinking that the twice month payment makes them pay less interest but in reality it is the fact that the consumer is paying extra – ie the two monthly payments are higher than your original monthly requirement. You can accomplish the same thing by paying a little extra with each payment – and it cost you nothing extra in fees – and you have the flexibility to pay more or less as your budget permits. The Motley Fool has more information if you’re interested or you can always contact CFM if you have questions.