A $120,000 home in Canada with a 20% down payment ($24,000) at 5.04% has a principal-and-interest payment of about $560.53 per month over 25 years. Property tax and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $1,983 | $4,743 | $94,017 |
| 2 | $2,084 | $4,642 | $91,933 |
| 3 | $2,190 | $4,536 | $89,742 |
| 4 | $2,302 | $4,424 | $87,440 |
| 5 | $2,420 | $4,307 | $85,020 |
| 6 | $2,543 | $4,183 | $82,477 |
| 7 | $2,673 | $4,053 | $79,804 |
| 8 | $2,809 | $3,917 | $76,995 |
| 9 | $2,953 | $3,774 | $74,042 |
| 10 | $3,104 | $3,623 | $70,938 |
| 11 | $3,262 | $3,464 | $67,676 |
| 12 | $3,428 | $3,298 | $64,248 |
| 13 | $3,603 | $3,123 | $60,644 |
| 14 | $3,787 | $2,939 | $56,857 |
| 15 | $3,981 | $2,746 | $52,877 |
| 16 | $4,184 | $2,543 | $48,693 |
| 17 | $4,397 | $2,329 | $44,296 |
| 18 | $4,622 | $2,105 | $39,674 |
| 19 | $4,858 | $1,869 | $34,816 |
| 20 | $5,105 | $1,621 | $29,711 |
| 21 | $5,366 | $1,360 | $24,345 |
| 22 | $5,640 | $1,087 | $18,705 |
| 23 | $5,928 | $799 | $12,777 |
| 24 | $6,230 | $496 | $6,547 |
| 25 | $6,547 | $178 | $0 |
With a 20% down payment at 5.04%, principal and interest are about $560.53 per month. Canadian fixed mortgages compound semi-annually (not monthly) and usually run a 5-year term within a 25-year amortization.
A 20% down payment is $24,000, which avoids mortgage insurance where it applies. In Canada, CMHC mortgage-default insurance is required with less than 20% down and is added to your loan.
No — this is principal and interest. Add property tax, home insurance and any condo fees for your full monthly housing cost.
Sources: Bank of Canada / CMHC; Standard amortization (annuity) formula.
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.