A $315,000 mortgage in Canada at 5.04% costs about $1,839.24 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 | $6,506 | $15,564 | $308,494 |
| 2 | $6,839 | $15,232 | $301,655 |
| 3 | $7,188 | $14,883 | $294,467 |
| 4 | $7,554 | $14,517 | $286,913 |
| 5 | $7,940 | $14,131 | $278,973 |
| 6 | $8,345 | $13,726 | $270,628 |
| 7 | $8,771 | $13,300 | $261,857 |
| 8 | $9,219 | $12,852 | $252,639 |
| 9 | $9,689 | $12,382 | $242,950 |
| 10 | $10,184 | $11,887 | $232,766 |
| 11 | $10,703 | $11,368 | $222,063 |
| 12 | $11,250 | $10,821 | $210,813 |
| 13 | $11,824 | $10,247 | $198,990 |
| 14 | $12,427 | $9,644 | $186,562 |
| 15 | $13,061 | $9,010 | $173,501 |
| 16 | $13,728 | $8,343 | $159,773 |
| 17 | $14,428 | $7,642 | $145,345 |
| 18 | $15,165 | $6,906 | $130,180 |
| 19 | $15,939 | $6,132 | $114,241 |
| 20 | $16,752 | $5,319 | $97,489 |
| 21 | $17,607 | $4,464 | $79,882 |
| 22 | $18,506 | $3,565 | $61,376 |
| 23 | $19,450 | $2,621 | $41,926 |
| 24 | $20,443 | $1,628 | $21,483 |
| 25 | $21,483 | $585 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $315,000 mortgage is about $1,839.24 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 $315,000 mortgage is roughly $236,772. 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.