Compare monthly payments, total interest, and true cost across different amortization periods.
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Your amortization period is how long it takes to fully pay off your mortgage. In Canada, the maximum amortization for insured mortgages (less than 20% down) is 25 years. For uninsured mortgages (20%+ down), some lenders offer up to 30 years.
A shorter amortization means higher monthly payments but dramatically less interest paid over time. A longer amortization lowers your monthly payment and improves cash flow — but you'll pay significantly more in total interest. The right choice depends on your income stability, other financial goals, and how much flexibility you need month-to-month.
Making even small extra monthly payments can shave years off your mortgage and save tens of thousands in interest. Most Canadian mortgages allow annual prepayments of 10–20% of the original principal without penalty — check your mortgage terms for details.
In Canada, your mortgage term (typically 1–5 years) is different from your amortization period. At the end of each term you renew at current rates — so a 25-year amortization typically involves 5 or more renewals. This means your total interest cost can change significantly if rates rise at renewal.
This calculator provides estimates based on fixed interest rates and regular monthly payments. Actual mortgage costs may vary based on payment frequency, compound period, rate changes at renewal, and prepayment options. Consult a mortgage professional for personalized advice.