A $255,000 mortgage in Canada at 5.04% costs about $1,488.90 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 | $5,267 | $12,600 | $249,733 |
| 2 | $5,536 | $12,331 | $244,197 |
| 3 | $5,818 | $12,048 | $238,379 |
| 4 | $6,115 | $11,752 | $232,263 |
| 5 | $6,427 | $11,439 | $225,836 |
| 6 | $6,755 | $11,111 | $219,081 |
| 7 | $7,100 | $10,767 | $211,980 |
| 8 | $7,463 | $10,404 | $204,518 |
| 9 | $7,843 | $10,023 | $196,675 |
| 10 | $8,244 | $9,623 | $188,431 |
| 11 | $8,664 | $9,202 | $179,766 |
| 12 | $9,107 | $8,760 | $170,660 |
| 13 | $9,571 | $8,295 | $161,089 |
| 14 | $10,060 | $7,807 | $151,029 |
| 15 | $10,573 | $7,294 | $140,456 |
| 16 | $11,113 | $6,754 | $129,343 |
| 17 | $11,680 | $6,187 | $117,663 |
| 18 | $12,276 | $5,591 | $105,387 |
| 19 | $12,903 | $4,964 | $92,484 |
| 20 | $13,561 | $4,306 | $78,923 |
| 21 | $14,253 | $3,614 | $64,670 |
| 22 | $14,981 | $2,886 | $49,690 |
| 23 | $15,745 | $2,122 | $33,945 |
| 24 | $16,549 | $1,318 | $17,396 |
| 25 | $17,396 | $474 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $255,000 mortgage is about $1,488.90 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 $255,000 mortgage is roughly $191,670. 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.