The former, but that is for my region.
Anything grafted on a MM111 will take longer to mature than that same tree grafted onto an M7 or M106 rootstock.
From Wikipedia: "The Northern Spy is known for taking as much as a decade to bear fruit, unless grafted to a non-standard
rootstock. In spite of this it makes an excellent root stock for grafting other varieties to become standard size trees."
Often you will find comments like "The Northern Spy is notorious for being late to mature on standard rootstock" or some such. MM111 rootstock is almost standard size in my area. Exactly HOW LONG your tree will take to mature depends on the length of your growing season and the amount of sunlight the tree receives. Here in Mid-Michigan all my trees tended to take longer to mature than literature suggested. We have a shorter growing season than more southern states.