A Biweekly mortgage is not a correct term, as there is no such thing as a biweekly mortgage in the United States. Other countries, like Canada, do have bi-weekly mortgage types. In fact Canada has Monthly, Semi-monthly, Bi-weekly, Weekly, Accelerated bi-weekly and Accelerated weekly types. The biweekly payment is exactly one half of the amount a monthly payment would be. Though it depends on other factors such as the interest rate of the loan, a biweekly mortgage payment plan often saves the consumer money over the life of the loan.