AMORTIZATION GUIDE
Mortgage term and amortization are different clocks
Your term sets the current agreement. Your amortization estimates how long the mortgage takes to repay.
START5-YEAR TERM25-YEAR AMORTIZATION
Mortgage term
The mortgage term is how long your current contract conditions apply. At the end of the term, you normally renew the remaining balance and negotiate a new rate and other terms.
Amortization period
The amortization period is the estimated time needed to repay the mortgage in full at the assumed payment and rate. A longer amortization usually lowers the regular payment but increases total interest.
What the calculator shows at the end of the term
Mortgagez.ca totals the principal and interest paid during the selected term, then shows the remaining balance. It also projects the full amortization using the entered rate, with a clear warning that future renewal rates will probably differ.