I've been thinking about it a lot. Wouldn't it be nice to have a paid off house? Life would be so much simpler. I would have less stress. I would also be able to enjoy life more when I (eventually) retire.

I could use that money for something else. And if the economy tanked again, I wouldn't be worried about a place to live. Fortunately, there is a pain free way to pay off your house 6-8 years faster on a 30 year loan.

It's called the Bi-Weekly Mortgage. The premise is that you pay half of your mortgage payment every two weeks. At the end of the year you will have made one extra payment. But, if you do this year after year, then you will pay off your mortgage 6-8 years earlier on average.

I was shocked when I realized how much money that would save me. 6 years of mortgage payments? If your monthly mortgage payment is $1,000, then you would save $72,000. What if you instead invested that money? It could be $100,000 when the 6 years is over.

The Bi-Weekly Mortgage is fairly easy to do because it coincides with most people's paycheck. It might actually help you manage your finances better if that's the first thing you pay on your paycheck. You won't have to worry whether you spent the mortgage money when the mortgage is due.

To start a bi-weekly mortgage, contact your lender. Some of them charge to put you into the program. If you don't want to go with that option, then you can pay the extra money from the partial week at the end of the month and send it to your lender.

Just make sure to note on the payment that it is to be applied towards principal only. I have been told that Federal Law requires they apply it to principle and not interest.