The Wall Street Journal
January 18, 1989

"When repaid on a biweekly schedule a $70,000 mortgage
at 10.5% annual interest produces a savings of $60,000
compared with a standard 30-year payback."

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The New York Times
October 22, 1988

"A Biweekly mortgage is best for financially 
sophisticated home buyers, for move-up home owners
and for anyone who wants faster equity build-up. ... 
The idea of biweekly mortgages is simplicity itself. 
... It's a great disciplinary tool.  ...it's like a 
Christmas Club. ...biweekly mortgages [are] 
'pro-consumer'. "

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USA Today
November 12, 1986

"What started out as a mortgage lender's marketing
gimmick is on its way to becoming the hottest home loan
of the decade.  It's the biweekly mortgage....   
The attraction:  Biweeklies reduce interest expense and
build home equity faster.   ...the idea behind a biweekly
mortgage...because you pay off the principal faster, 
you build up more equity earlier."

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Consumer Reports
June 1988

"Whether you already have a mortgage or are 
in the market for a new loan, you can probably save 
tens of thousands of dollars by 'investing' in your
mortgage.  If you took out a $100,000 biweekly mortgage
instead of a regular 30-year mortgage at 10.5 percent
interest, you could save nearly $86,000 in interest 
over the life of the loan."

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Money
April 1988

"The biweekly mortgage...The result on a 
$100,000, 30-year mortgage at 10%, for example, 
is that you can burn your mortgage in just under
21 years and save $78,359 in interest...."

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Parents Magazine
December 1986

"The simple fact is that a biweekly mortgage
not only saves the home buyer a bundle, but makes
him or her a homeowner much sooner than the 
traditional monthly mortgage does."

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Tables showing comparison between fixed rate and biweekly mortgages.

Mortgages: biweekly vs. fixed
Source: USA Today

What an $80,000 mortgage at 10% interest would cost:

                               Years            Total
    Term          Payment    to payoff         interest
_________________________________________________________
30-yr. biweekly   $351.03   20 yrs., 10 mos.  $110,007.11
30-yr. fixed      $702.06   30 years          $172,741.60
15 yr. biweekly   $429.85   12 yrs.,  5 mos.  $ 62,378.52
15-yr. fixed      $859.69   15 years          $ 77,010.82
_________________________________________________________

The real cost of a mortgage
Source: Consumer Reports, June 1988

Monthly payments for a $100,000 fixed-rate mortgage.
Shorter-term loans usually have slightly lower 
interest-rate charges.
 Type of  Interest  Months   Monthly   Total
  mortgage   rate      paid    payment   finance
                               amount    charges
  ______________________________________________
  10-year    10.25%    120    $1335.00   $60,247 
  15-year    10.25     180     1090.00    96,191 
  20-year    10.25     240      982.00   135,594 
  30-year    10.50     360      915.00   229,306 
  Biweekly*  10.50     246      457.00   143,462 
  ______________________________________________
*Biweekly payments on a 30-year, fixed-rate mortgage.

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Prepayment Habits and Delays

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