What is the amortization period for Celine's mortgage?

The amortization period for a mortgage is the length of time over which the total loan amount is scheduled to be paid off in full, typically expressed in years. A 25-year amortization period is commonly used for residential mortgages in Canada, providing a balance between manageable monthly payments and a reasonable total interest cost over the life of the loan.

With a 25-year amortization, borrowers like Celine can enjoy lower monthly payments compared to shorter amortization periods while also having a clear end point for their mortgage. This period is often preferable for many homebuyers as it allows them to finance their home purchase while also considering their financial future and the impact of interest over time.

In contrast, shorter amortization periods, like 15 years, can lead to higher monthly payments, while longer periods like 30 years, though sometimes available, are less common in Canada for residential mortgages and can result in more interest paid over the life of the loan. Thus, selecting a 25-year amortization period is both practical and financially strategic for Celine.