A $290,000 home in Canada with a 20% down payment ($58,000) at 5.04% has a principal-and-interest payment of about $1,354.61 per month over 25 years. Property tax and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $4,792 | $11,463 | $227,208 |
| 2 | $5,037 | $11,219 | $222,171 |
| 3 | $5,294 | $10,962 | $216,878 |
| 4 | $5,564 | $10,692 | $211,314 |
| 5 | $5,848 | $10,408 | $205,466 |
| 6 | $6,146 | $10,109 | $199,320 |
| 7 | $6,460 | $9,796 | $192,860 |
| 8 | $6,789 | $9,466 | $186,071 |
| 9 | $7,136 | $9,119 | $178,935 |
| 10 | $7,500 | $8,755 | $171,435 |
| 11 | $7,883 | $8,372 | $163,552 |
| 12 | $8,285 | $7,970 | $155,267 |
| 13 | $8,708 | $7,547 | $146,558 |
| 14 | $9,153 | $7,103 | $137,406 |
| 15 | $9,620 | $6,636 | $127,786 |
| 16 | $10,111 | $6,145 | $117,676 |
| 17 | $10,627 | $5,629 | $107,049 |
| 18 | $11,169 | $5,086 | $95,880 |
| 19 | $11,739 | $4,516 | $84,142 |
| 20 | $12,338 | $3,917 | $71,804 |
| 21 | $12,968 | $3,288 | $58,836 |
| 22 | $13,629 | $2,626 | $45,207 |
| 23 | $14,325 | $1,930 | $30,881 |
| 24 | $15,056 | $1,199 | $15,825 |
| 25 | $15,825 | $431 | $0 |
With a 20% down payment at 5.04%, principal and interest are about $1,354.61 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 $58,000, 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.