How Long Should it Take to Pay off a Mortgage?

How Long Should it Take to Pay off a Mortgage?

Paying off a mortgage in a short amount of time is extremely difficult without significant and stable income and very few expenses. Smaller, regular payments spread out over the amortization period, which is the total amount of time required to pay the mortgage, is usually an expensive route to take. That is because mortgage payments usually cover the interest and very little of the principal until the interest is paid fully. It can take many years to pay off the balance of your home.

How Much Of Your Budget Should Be Allocated To Your Mortgage?

Financial institutions and advisors recommend that up to 30% of your total budget should be allocated to your mortgage payments, municipal taxes, and heating. When determining your budget, it is crucial to factor in other debts such as car loans and any balances that you may have on any credit cards. Consider speaking with a mortgage counsellor who will be able to help you determine the best option for you.

Today’s Amortization Periods

After the 2008 financial crisis, the rules in regard to the amortization period changed and can no longer stretch for decades. The most common options for a guaranteed loan period available to home-buyers are 10, 15, 20, or 30 years. Because of the high prices of home and low-interest rates that promote longer repayment periods, many home-buyers opt for a 25-year repayment term.

There are a lot of economic and familial changes that can occur during a decade or two. The great thing for homeowners is that the terms of their mortgage contract are fixed. Your mortgage contract includes the interest rate that will be paid upon the agreed length of time. The rate, as well as the other terms of the contract, remain in place until the period is over, in which case you can renegotiate.

Make The Best Choices For You And Your Situation

According to the CMHC, up to 70% of buyers who go for the 5-year term try to change their contracts after 36 or 48 months because of a major life event, like the birth of a child, changes in family structure, or getting a new job. The chances of finding yourself with an inappropriate amortization period happen less often than it did, but many homeowners still find themselves in situations where they are unable or struggle to make regular mortgage payments. Evidently, choosing a longer amortization with lower monthly payments would make sense. There is always a risk of financial and familial chances, and choosing a payment plan that is closer to the minimum that you can afford is always better than choosing the maximum.

For all of your mortgage needs, there is no better person to contact than Collin Bruce.


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The Collin Bruce Mortgage Team is stepping up to continue K-97’s support of the Rock and Roll Society of Edmonton’s Centre for Arts and Music (CAM); aimed at mentoring a new generation of musicians, with a special focus on vulnerable youth in our community.

With a focus on youth at risk in our community, CAM reaches out to children who would otherwise have few opportunities to participate in the arts. Our goal is to reach them during critical after school hours through music. At CAM, children learn how to write songs, play instruments and perform together on stage. In the process, they earn self- esteem, respect for themselves and others, and much needed self-confidence.



“Collin and Shelly helped my fiancée and I purchase our dream home in November 2021 and were wonderful to work with. They were always on top of things and communicative throughout the whole process, answering any questions we had and calming our concerns along the way. I couldn't be happier with their level of expertise and customer service.”

Slava (Edmonton)