Q. If I have a mortgage loan for $225,000 at 7% for 20 years and make two payments a month instead of one, how much can I save by paying half on the first of every month and half on the 15th?

A.Nothing. You won't save any money by simply sending in 24 checks a year instead of 12. In fact, most mortgage servicing companies won't process partial payments. Handling a check costs money, and they want one check a month for the full amount.

A few mortgage companies will allow you to submit a half-payment every two weeks. Now you're talking about making the equivalent of 13 monthly payments instead of 12. That will reduce your debt more quickly.

Take a look at 3 ways to pay your mortgage faster. It will explain more about how to do this.