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Amortization vs. Interest Paid Schedule! Canadian Mortgage Amortization Table - Things To Know Before Mortgage Loan Application
 
Choosing Between Time and Money
Amortization vs. Term
 
The amortization is the length of time it takes to pay-off a mortgage in full. Assuming: 
  • that the interest rate continued same, 
  • all payments were made as scheduled and 
  • no additional payments were made.
For better understanding, following simple table for the Amortization vs. interest paid will help you decide your mortgage loan, keeping in view that all payments are made on time and that no additional payments are made. Assumption is based on a fixed interest rate and payment amount. Moreover, the following table shows how much interest is paid over the entire amortization period on a $100,000 mortgage, assuming a constant annual interest rate of 6.45 percent.
 
Until recently, the longest amortization period on a mortgage was typically 25 years in Canada. Today, some institutions may offer a period of up to 40 years. Shift of mortgage tenure from 25 years to 40 years is a recent public trend that describes both lenders and seekers have appreciation in the change, although a longer amortization period may mean lower mortgage payments, it is to your advantage to choose the shortest amortization period that you can afford. This will save you thousands of dollars in interest in the long run.
 
Following table for amortization vs. interest paid illustrates mortgage amount, amortized monthly payment and interest paid. Assumption is based on a mortgage of $100,000, amortized over 10, 15, 20, 25, 30, 35 and 40 years, with a constant interest rate of 6.45 percent.
 
Amortization vs. Interest Paid
Mortgage Amount
Amortization
Monthly Payment
Interest Paid
$100,000
40 years
$575
$176,410
$100,000
35 years
$595
$149,865
$100,000
30 years
$625
$124,360
$100,000
25 years
$665
$100,040
$100,000
20 years
$735
$77,035
$100,000
15 years
$865
$55,465
$100,000
10 years
$1,125
$35,435
Note: Error and omission may occur. For illustration purposes, numbers in this example have been rounded off. Financial institution may calculate interest differently. The interest paid and monthly payment was calculated over the period of amortization of the mortgage.
 
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