How do biweekly mortgage payments save money?

The key is to ask for "accelerated" biweekly payments. The accelerated part of the statement ensures you are paying every 2 weeks (whereas if it's not accelerated, you will just be paying 2x per month).

When you are making accelerated biweekly payments towards your mortgage, you actually make 26 payments per year. For example, if a monthly payment is $1000 and there are 12 months in the year, you would put $12,000 towards your mortgage in payments.

An accelerated biweekly payment is your monthly payment divided by 2. So, every 2 weeks you would pay $500 towards your mortgage * 26 payments per year = $13,000 towards your mortgage each year.

This $1000 extra per year can save you thousands of dollars in interest over your term and over the full life of your mortgage (amortization). Now that's cool.