As was pointed out already, if biweekly and weekly are paying the same amount, the only advantage is that first week pays off principal 3 weeks early, the second week pays off principal 2 weeks early and third week pays off principal 1 week early. There is an average of 2 weeks of interest saved per month.
If the weekly schedule increased the payment (so maybe 13.5 payments per year instead of 12 or 13), then you would see much more than 2 months shaved off end of mortgage.
I ran numbers like this for pre-payment (check my blog) and it came out to something like this.
P&I of ~$1700/month
I can afford $625 extra payment 3X per year in October November and December. That is nearly 1 months payment. The difference between paying $625 each month or $1875 in December was around 10 months. Meaning if I send the smaller payments in sooner, it saves me more interest and pays off loan 10 months sooner (that if $1875 payments were sent in once a year).
I'd have to double check that math to give more accurate numbers. But smaller payments more often did pay it off sooner, but not enough to make me think the savings was significant.
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