A $300,000 home in Canada with a 20% down payment ($60,000) at 5.04% has a principal-and-interest payment of about $1,401.32 per month over 25 years. Property tax and home insurance are additional.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $4,957 | $11,859 | $235,043 |
| 2 | $5,210 | $11,606 | $229,833 |
| 3 | $5,476 | $11,340 | $224,356 |
| 4 | $5,756 | $11,060 | $218,601 |
| 5 | $6,049 | $10,766 | $212,551 |
| 6 | $6,358 | $10,458 | $206,193 |
| 7 | $6,683 | $10,133 | $199,511 |
| 8 | $7,024 | $9,792 | $192,487 |
| 9 | $7,382 | $9,434 | $185,105 |
| 10 | $7,759 | $9,057 | $177,346 |
| 11 | $8,155 | $8,661 | $169,192 |
| 12 | $8,571 | $8,245 | $160,621 |
| 13 | $9,008 | $7,807 | $151,612 |
| 14 | $9,468 | $7,348 | $142,144 |
| 15 | $9,951 | $6,865 | $132,193 |
| 16 | $10,459 | $6,357 | $121,734 |
| 17 | $10,993 | $5,823 | $110,741 |
| 18 | $11,554 | $5,262 | $99,187 |
| 19 | $12,144 | $4,672 | $87,043 |
| 20 | $12,763 | $4,052 | $74,280 |
| 21 | $13,415 | $3,401 | $60,865 |
| 22 | $14,099 | $2,716 | $46,766 |
| 23 | $14,819 | $1,997 | $31,947 |
| 24 | $15,575 | $1,241 | $16,371 |
| 25 | $16,371 | $446 | $0 |
With a 20% down payment at 5.04%, principal and interest are about $1,401.32 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 $60,000, 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.