A $345,000 mortgage in Canada at 5.04% costs about $2,014.40 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 | $7,126 | $17,047 | $337,874 |
| 2 | $7,490 | $16,683 | $330,384 |
| 3 | $7,872 | $16,301 | $322,512 |
| 4 | $8,274 | $15,899 | $314,239 |
| 5 | $8,696 | $15,477 | $305,543 |
| 6 | $9,140 | $15,033 | $296,403 |
| 7 | $9,606 | $14,567 | $286,797 |
| 8 | $10,096 | $14,076 | $276,700 |
| 9 | $10,612 | $13,561 | $266,088 |
| 10 | $11,153 | $13,019 | $254,935 |
| 11 | $11,723 | $12,450 | $243,212 |
| 12 | $12,321 | $11,852 | $230,892 |
| 13 | $12,950 | $11,223 | $217,942 |
| 14 | $13,610 | $10,562 | $204,332 |
| 15 | $14,305 | $9,868 | $190,027 |
| 16 | $15,035 | $9,138 | $174,991 |
| 17 | $15,802 | $8,370 | $159,189 |
| 18 | $16,609 | $7,564 | $142,580 |
| 19 | $17,457 | $6,716 | $125,123 |
| 20 | $18,347 | $5,825 | $106,776 |
| 21 | $19,284 | $4,889 | $87,492 |
| 22 | $20,268 | $3,905 | $67,224 |
| 23 | $21,302 | $2,870 | $45,922 |
| 24 | $22,390 | $1,783 | $23,532 |
| 25 | $23,532 | $641 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $345,000 mortgage is about $2,014.40 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 $345,000 mortgage is roughly $259,320. 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.