Amortization is the length of time it will take you to pay off your mortgage.

Most mortgages have a 25-year amortization period, but you can choose fewer years than that. 

While a longer amortization will result in smaller monthly payments, it will also mean higher interest costs. Find out what happens to the numbers if you were to select a 20-year amortization period, but be careful to ensure that this won’t make you “house poor” - spending a large proportion of your total income on home ownership, including mortgage payments, property taxes, maintenance and utilities.
Post a Comment

Popular posts from this blog

Freehold Two-Storey & Rear Lane Townhomes Will Soon Be Available In The Preserve, Oakville - View Floor Plans Today.