The amortization period is the length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term. If your down payment is less than 20% of the price of your home, the longest amortization you’re allowed is 25 years. Example of a mortgage of $450,000 with a term of 5 years and amortization of 25 years. Try our mortgage amortization calculator.
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