Not all mortgages will allow prepayments and a prepayment or transfer of ownership or interest could result in a penalty being applied. Each mortgage will have terms describing how and when prepayment may occur. Refer to your mortgage note to see if there is any penalty incurred for prepayment.
The total savings potential also depends on how long you want to stay in the house. Borrowers who plan to move in the near future should not expect to realize as significant a savings as people who pay ahead of schedule until they own the home free and clear.
Check with your lender, who should be able to provide specific answers as to how such a prepayment plan will shorten the life of the loan and what kind of interest savings can be expected.
Using the biweekly payment system, a homeowner with a $70,000, 30-year biweekly mortgage at 10 percent interest could save $60,000 in interest and pay off the balance in less than 21 years.
See >> Home Buyer's Top Ten Tool #7 - Mortgage Term Length Calculator. See how much you'll save simply by paying the same amount - more often.