Mar
04
Amortise
ByTo repay a mortgage with regular payments that cover both Principal and Interest.
This is the amount of years that it would take to completely payoff your mortgage assuming that you did not miss any payments, make any prepayments and assuming that you kept the same interest rate, and payment amount throughout the life of the mortgage. For example, a 15 year amortized mortgage would be paid off in 15 years if you took out a 15 year mortgage and made every payment on time for exactly the amount shown on the mortgage. To be safe, pick an amortization period that results in a monthly payment that is affordable and make periodic prepayments when you have additional funds whenever you are allowed to under the terms of your mortgage.
