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.
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