A $230,000 home in Canada with a 20% down payment ($46,000) at 5.04% has a principal-and-interest payment of about $1,074.35 per month over 25 years. Property tax and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,801 | $9,092 | $180,199 |
| 2 | $3,995 | $8,898 | $176,205 |
| 3 | $4,198 | $8,694 | $172,006 |
| 4 | $4,413 | $8,480 | $167,594 |
| 5 | $4,638 | $8,254 | $162,956 |
| 6 | $4,875 | $8,018 | $158,081 |
| 7 | $5,123 | $7,769 | $152,958 |
| 8 | $5,385 | $7,507 | $147,573 |
| 9 | $5,660 | $7,233 | $141,913 |
| 10 | $5,949 | $6,944 | $135,965 |
| 11 | $6,252 | $6,640 | $129,713 |
| 12 | $6,571 | $6,321 | $123,142 |
| 13 | $6,907 | $5,986 | $116,235 |
| 14 | $7,259 | $5,633 | $108,976 |
| 15 | $7,629 | $5,263 | $101,347 |
| 16 | $8,019 | $4,873 | $93,328 |
| 17 | $8,428 | $4,464 | $84,900 |
| 18 | $8,858 | $4,034 | $76,042 |
| 19 | $9,310 | $3,582 | $66,731 |
| 20 | $9,785 | $3,107 | $56,946 |
| 21 | $10,285 | $2,607 | $46,661 |
| 22 | $10,810 | $2,083 | $35,851 |
| 23 | $11,361 | $1,531 | $24,490 |
| 24 | $11,941 | $951 | $12,549 |
| 25 | $12,549 | $342 | $0 |
With a 20% down payment at 5.04%, principal and interest are about $1,074.35 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 $46,000, 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.