Wow! Weekly...I've heard of biweekly but never thought about weekly. Biweeklys often shave five years off a 30 year loan.

But, check out the link to the calculator below. It lets you calculate weekly, biweekly, monthly. You'll want to choose ACCELERATED weekly for your purposes.

Here is a link that might be useful: Mortgage Calculator

unles you think you cannot invest for more than 6.25% (not even including taxes) why would you pay it off early?

For my first home in Canada, I paid my mortgage weekly and the payments were applied as they were received, hence reducing the amount of years in the loan as well as saving tonnes in interest.

When I got a mortgage here in the US, I wanted to pay bi-weekly. However, most lenders will not apply the payment until the full monthly payment has been received.

Say you pay $200 per week for an $800 per month mortgage. You're giving the lender $600 of your money, they're investing it, gaining interest and you're getting no benefit until the full payment is made. Essentially, you are paying interest on the mortgage, losing the interest on that money if it was in a savings account until your mortgage is due.

There are also companies that will arrange for the biweekly payments for you, but for a fee. Usually several hundred dollars.

If you were in Canada, I would tell you to go weekly or biweekly because the payments are applied as received.

Here in the US, the best way to get the benefit of bi-weekly payments is to add 1/12th of your payment to principal when you pay monthly. This is like making an additional mortgage payment per year. The key is to allocate those extra funds to principal.

So, if your mortgage payment is $800 per month. Divide 800 by 12 which equals $66.67 per month that you would allocate to principal in addition to your full mortgage payment. Instead of paying $800, you would pay $866.67, while allocating 66.67 directly to principal. This should take about 7 years off a 30 year fixed mortgage, depending on the interest rate, and save you thousands and thousands in interest.

You can also make a lump sum payment directly to principal, effectively making 13 payments in one year instead of 12.

The companies that offer these biweekly programs don't submit your payment on a biweekly basis. Just like the mortgage companies, they hold your money and then make one lump sum payment every year to the principal. You can do that yourself for free and save yourself the ridiculous fee they charge to hold your money while getting the investment income from it.

Below is a link to a mortgage calculator where you will see the savings by paying additional principal. Make sure you look at the amort charts provided because they show new payoff dates with additional principal and the interest you pay.

For a $60K mortgage at 6.25%, your payment is $390 and additional principal is $31, making your payment $421. According to the calculator, it takes 5.5 years off the mortgage with total interest paid $56,857. By only paying your mortgage without any additional principal payments, you will pay $72,994 interest and pay for 30 years.

You also have another option if you can afford it and that is to take out a 15 instead of 30 year mortgage. The rates are a bit lower and you will save thousands in interest. If you prepay your principal like described above on a monthly basis, your mortgage will be paid off in 13 years. Your payment would be approx $510 per month plus $43 for additional principal.

That is another option you may want to consider since it seems like you want to pay as little interest as possible.

Here is a link that might be useful: Mortgage Amortization Calculator

Without even going into the financial benefits of true weekly and bi-weekly payments which may as well be written in Chinese as far as a lot of people are concerned the bottom line is to get rid of that mortgage as soon as possible. That's the goal. Many if not most average joe homeowners aren't into or can't afford to be juggling money in investments, funds etc that may or may not offset or exceed the benefits of moving to weekly or bi-weekly payments. It's the simplest and most conventient method to burn that mortgage sooner. Especially if your lending institution allows you to make additional lump sum monthly or yearly payments against the principle with no penalties. Even the most financially illiterate people can usually grasp the concept and make an effort to do that on occasion without any suffering and even if they don't the power of positive thinking in knowing that what they are doing is going to free them all that much sooner is a great feeling to have. There's no feeling as good as finally being mortgage free,, well maybe some but we don't discuss those here LOL

"There's no feeling as good as finally being mortgage free..."

It feels even better to have all the money to pay off the mortgage earning 10-15% while you pay a paltry 6.25% before taxes.
It is not all that hard to find a mutual fund and pay the money into it every month.
You end up house rich and cash poor, and if you retire this way will have a hard time even borrowing. Loans (except reverse mortgages) are made based on your income to repay them.