The mortgage amortization period is the actual number of years (mortgage length) it will take to repay a mortgage loan in full, based on the interest rate for your current mortgage term.

This may go beyond the term of the mortgage contract. The mortgage term refers to the period of time over which the interest rate, payment, and other mortgage conditions are set.

For example, mortgage agreements often have 5-year terms but 25-year amortization periods. At the end of the term, the mortgage is up for renewal, and you may choose to renew your mortgage or pay it out completely without any prepayment charge.