Amortization

The total time it takes to pay off your mortgage if you make every scheduled payment and never refinance. In Canada, the standard amortization is 25 years (uninsured) or up to 30 years (insured for first-time buyers post-Dec 2024).

Amortization is not the same thing as your term. Your term is the contract length you sign for (typically 5 years). At the end of every term, you renew or switch lenders. The amortization continues across multiple terms until the balance hits zero.

The practical lever: extending amortization lowers monthly payment but raises total interest. Shortening (or paying down faster via accelerated bi-weekly) does the reverse. The Mortgage Payment Calculator shows the trade-off on your specific numbers.