How is it calculated?
Amortization is how long it takes to repay the mortgage at the current payment; the term is how long your rate and contract last. A longer amortization lowers the payment but raises total interest.
What should I do with the result?
Use it to set a budget or a target rate, then let brokers and lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
Licensed mortgage brokers bid alongside banks, credit unions and private lenders on MortgageBids.ca. One broker bid can tap dozens of lenders, and on most prime mortgages the lender pays the broker, not you. Why use a mortgage broker · Get broker and lender bids
Frequently asked questions
Can I get a 30-year amortization?
Uninsured mortgages, and insured mortgages for first-time buyers and new builds, can use 30 years.
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