A $120,000 mortgage in Canada at 5.04% costs about $700.66 per month for principal and interest over 25 years. In Canada, CMHC mortgage-default insurance is required with less than 20% down and is added to your loan.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $2,479 | $5,929 | $117,521 |
| 2 | $2,605 | $5,803 | $114,916 |
| 3 | $2,738 | $5,670 | $112,178 |
| 4 | $2,878 | $5,530 | $109,300 |
| 5 | $3,025 | $5,383 | $106,276 |
| 6 | $3,179 | $5,229 | $103,097 |
| 7 | $3,341 | $5,067 | $99,755 |
| 8 | $3,512 | $4,896 | $96,244 |
| 9 | $3,691 | $4,717 | $92,553 |
| 10 | $3,879 | $4,529 | $88,673 |
| 11 | $4,077 | $4,331 | $84,596 |
| 12 | $4,285 | $4,122 | $80,310 |
| 13 | $4,504 | $3,904 | $75,806 |
| 14 | $4,734 | $3,674 | $71,072 |
| 15 | $4,976 | $3,432 | $66,096 |
| 16 | $5,230 | $3,178 | $60,867 |
| 17 | $5,496 | $2,911 | $55,370 |
| 18 | $5,777 | $2,631 | $49,593 |
| 19 | $6,072 | $2,336 | $43,522 |
| 20 | $6,382 | $2,026 | $37,140 |
| 21 | $6,707 | $1,701 | $30,432 |
| 22 | $7,050 | $1,358 | $23,383 |
| 23 | $7,409 | $998 | $15,973 |
| 24 | $7,788 | $620 | $8,186 |
| 25 | $8,186 | $223 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $120,000 mortgage is about $700.66 per month. Canadian fixed mortgages compound semi-annually (not monthly) and usually run a 5-year term within a 25-year amortization.
No — this is principal and interest only. Property tax and home insurance are paid separately on top. In Canada, CMHC mortgage-default insurance is required with less than 20% down and is added to your loan.
Over the full 25-year term at 5.04%, total interest on a $120,000 mortgage is roughly $90,198. Overpaying reduces this substantially.
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.