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The amortization period is the length of time it takes you to pay off your mortgage, including interest. To keep your mortgage payments as low as possible, choose a longer amortization − up to 30 years for uninsured mortgages (those that don’t require mortgage default insurance). To pay off your mortgage faster, choose 25 years or less.
The amortization period (among other factors) helps determine how much interest you pay over the life of your mortgage: The longer the amortization, the more interest you pay.