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Mortgage Amortization Period

The mortgage amortization period, is the length of time it will take you to pay off your entire mortgage. The maximum allowed insured amortization period is 25 years. The maximum allowed conventional amortization period is 30 years. Longer amortization periods reduce your monthly payments, as you are paying your mortgage off over a greater number of years. However, you will pay more interest over the life of the mortgage.

Many home buyers choose shorter amortization periods resulting in higher monthly payments if they can afford to do so, knowing that it promotes positive saving behaviour and reduces the total interest payable.

 

 

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