A $1,200,000 mortgage in Canada at 5.04% costs about $7,006.61 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 | $24,786 | $59,293 | $1,175,214 |
| 2 | $26,051 | $58,028 | $1,149,162 |
| 3 | $27,381 | $56,699 | $1,121,782 |
| 4 | $28,778 | $55,301 | $1,093,003 |
| 5 | $30,247 | $53,832 | $1,062,757 |
| 6 | $31,791 | $52,289 | $1,030,966 |
| 7 | $33,413 | $50,666 | $997,553 |
| 8 | $35,118 | $48,961 | $962,435 |
| 9 | $36,910 | $47,169 | $925,524 |
| 10 | $38,794 | $45,285 | $886,730 |
| 11 | $40,774 | $43,305 | $845,956 |
| 12 | $42,855 | $41,224 | $803,101 |
| 13 | $45,042 | $39,037 | $758,059 |
| 14 | $47,341 | $36,739 | $710,719 |
| 15 | $49,757 | $34,323 | $660,962 |
| 16 | $52,296 | $31,783 | $608,666 |
| 17 | $54,965 | $29,114 | $553,700 |
| 18 | $57,770 | $26,309 | $495,930 |
| 19 | $60,719 | $23,361 | $435,212 |
| 20 | $63,817 | $20,262 | $371,394 |
| 21 | $67,074 | $17,005 | $304,320 |
| 22 | $70,497 | $13,582 | $233,823 |
| 23 | $74,095 | $9,984 | $159,728 |
| 24 | $77,877 | $6,203 | $81,851 |
| 25 | $81,851 | $2,228 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $1,200,000 mortgage is about $7,006.61 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 $1,200,000 mortgage is roughly $901,983. 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.