The term is your current agreement.
The term is the period during which your mortgage conditions apply. When it ends, you generally need to renew the outstanding balance or repay it.
Amortization is the repayment horizon.
Amortization is the expected time to pay off the entire loan. It can span several terms, with conditions changing at renewal.
A simple example.
A mortgage amortized over 25 years can have a five-year term. After those five years, there is normally a balance to finance for the next term.
Compare using the same assumptions.
To understand the difference between two rates, first keep the amount, amortization and payment frequency the same. Then change one value at a time.
Further reading
Financial Consumer Agency of Canada