The amortization period is the length of time that would take you to pay off the total amount of your mortgage.
In Canada the amortization period is usually 15, 20 or 25 years, being 25 years the longest term permitted if you require mortgage insurance. A longer amortization period means that you will have to pay more interest than in a loan with a shorter amortization period.
In the Canadian Mortgage App Amortization table, you will be able to see and compare by year, the loan amount remaining that you still have to pay as well as the yearly Interest and Principal.
Where to find the Amortization Table
Inside the purchase calculator, tap on the payment option to access to the loan screen, then tap on “amortization” to see the amortization table.
Quick note: “Tapping on the little arrow you will be able to see the total interest and principal paid until that specific year”.