Do you have a 30-year mortgage? The problem with a 30-year mortgage is that it's designed to make you spend 30 years paying it off! Say you buy a home with a $300,000 mortgage at 7%. Paying it off over 30 years will wind up costing you close to $720,000. But, call your lender and sign up for a bi-weekly mortgage plan -- you'll cut the term of your loan by 7 years and save $106,000 in interest! How? Instead of making your monthly payment once a month, use a bi-weekly mortgage plan to pay half every two weeks. By year's end you've paid the equivalent of 13 monthly payments instead of 12.