A $245,000 mortgage in Canada at 5.04% costs about $1,430.52 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 | $5,061 | $12,106 | $239,939 |
| 2 | $5,319 | $11,847 | $234,621 |
| 3 | $5,590 | $11,576 | $229,030 |
| 4 | $5,876 | $11,291 | $223,155 |
| 5 | $6,175 | $10,991 | $216,979 |
| 6 | $6,491 | $10,676 | $210,489 |
| 7 | $6,822 | $10,344 | $203,667 |
| 8 | $7,170 | $9,996 | $196,497 |
| 9 | $7,536 | $9,630 | $188,961 |
| 10 | $7,921 | $9,246 | $181,040 |
| 11 | $8,325 | $8,841 | $172,715 |
| 12 | $8,750 | $8,417 | $163,966 |
| 13 | $9,196 | $7,970 | $154,770 |
| 14 | $9,666 | $7,501 | $145,104 |
| 15 | $10,159 | $7,007 | $134,945 |
| 16 | $10,677 | $6,489 | $124,268 |
| 17 | $11,222 | $5,944 | $113,046 |
| 18 | $11,795 | $5,371 | $101,251 |
| 19 | $12,397 | $4,769 | $88,854 |
| 20 | $13,029 | $4,137 | $75,825 |
| 21 | $13,694 | $3,472 | $62,130 |
| 22 | $14,393 | $2,773 | $47,737 |
| 23 | $15,128 | $2,038 | $32,609 |
| 24 | $15,900 | $1,266 | $16,709 |
| 25 | $16,709 | $455 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $245,000 mortgage is about $1,430.52 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 $245,000 mortgage is roughly $184,156. 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.