Amortization
The length of time over which your mortgage is fully paid off. Canadian conventional limits: 25 years for insured, up to 30 for uninsured (or 30 for first-time buyers on new construction). Longer amortization = lower payment but more lifetime interest.
Amortization is the total payoff runway; your term (1–5 years) is just the current contract within it. A 25-year amortization typically spans five or six separate terms, each renewed at a new rate, before the balance hits zero.
Stretching to 30 years lowers the monthly payment and can be the difference between qualifying and not — but it adds tens of thousands in lifetime interest. The middle path many borrowers use is a longer amortization for qualifying comfort, then accelerated or lump-sum prepayments to shorten it in practice.
Our payment and affordability calculators let you flex the amortization and see the trade-off between monthly cash flow and total interest instantly.
See also
Ask Maya about Amortization
Instant answers · 50+ languages · no credit pull