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 lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
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.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
Related
Mortgage payment calculatorMortgage affordability calculatorLand transfer tax calculatorOntario land transfer tax calculatorToronto land transfer tax calculatorCMHC insurance calculator
Challenge your mortgage rate
Connect with verified lenders and brokers bidding on your mortgage. Free for homeowners, three short steps.