opps, edit to add:
based on interest is calculated daily, would it save us more $$$ by paying weekly?
If you have a P&I loan, paying the minimum repayment weekly is better, because you are charged interest monthly, but it is calculated daily.
Also, there are 52 weeks in a year, but if you pay monthly there are only 48 weeks in your repayment year, so you will be paying off an extra month's repayments per year.
If you can add an extra $50 per week to your weekly P&I repayments you will pay out your loan many years earlier.
Just another little trick most people don't know about.
Have a play with this: