You can achieve the same benefits of a bi-weekly mortgage by making your monthly mortgage payments as usual, but making one additional payment each year. The difficulty with this method is that you have to come up with a large lump sum at one time.

Another method is to pay an extra 1/12th of your monthly payment each month. If your payment is $700, pay $758 each month ($700 divided by 12 = $58). After 12 months, you'll have made the equivalent of an extra month's payment.

As in most things in life, discipline is very important.. Make this extra $ amount a fixed item in your family's budget...