A $240,000 home in Canada with a 20% down payment ($48,000) at 5.04% has a principal-and-interest payment of about $1,121.06 per month over 25 years. Property tax and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,966 | $9,487 | $188,034 |
| 2 | $4,168 | $9,285 | $183,866 |
| 3 | $4,381 | $9,072 | $179,485 |
| 4 | $4,605 | $8,848 | $174,880 |
| 5 | $4,840 | $8,613 | $170,041 |
| 6 | $5,087 | $8,366 | $164,954 |
| 7 | $5,346 | $8,107 | $159,608 |
| 8 | $5,619 | $7,834 | $153,989 |
| 9 | $5,906 | $7,547 | $148,084 |
| 10 | $6,207 | $7,246 | $141,877 |
| 11 | $6,524 | $6,929 | $135,353 |
| 12 | $6,857 | $6,596 | $128,496 |
| 13 | $7,207 | $6,246 | $121,289 |
| 14 | $7,575 | $5,878 | $113,714 |
| 15 | $7,961 | $5,492 | $105,753 |
| 16 | $8,367 | $5,085 | $97,386 |
| 17 | $8,794 | $4,658 | $88,591 |
| 18 | $9,243 | $4,209 | $79,348 |
| 19 | $9,715 | $3,738 | $69,633 |
| 20 | $10,211 | $3,242 | $59,422 |
| 21 | $10,732 | $2,721 | $48,690 |
| 22 | $11,280 | $2,173 | $37,411 |
| 23 | $11,855 | $1,597 | $25,555 |
| 24 | $12,460 | $992 | $13,095 |
| 25 | $13,095 | $356 | $0 |
With a 20% down payment at 5.04%, principal and interest are about $1,121.06 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 $48,000, 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.