Hello Stanko. Not all lenders will allow you to double up your mortgage payment so make sure it is one of the mortgage options outlined in the pre-payment privileges portion of your original mortgage agreement or call the bank directly. The advantage of course is that you will pay your mortgage much quicker. You could reduce a 30 year amortization to 10 years by doubling up each and every payment. The interest savings would be huge in that case. Even making one extra payment each year would result in 4-6 years shorter mortgage repayment, this will also save you thousands. The biweekly accelerated payment schedule does exactly that. You pay 1/2 the monthly payment every 2 weeks. 26 biweekly payments will mean the equivalent to 13 monthly payments per year! The best part about the accelerated payment program is that you don`t really notice that extra money you have put on your mortgage because it doesn`t come out all at once. I hope this helps! If you or any reader would like some more information please do no hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.