A $370,000 mortgage in Canada at 5.04% costs about $2,160.37 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 | $7,642 | $18,282 | $362,358 |
| 2 | $8,032 | $17,892 | $354,325 |
| 3 | $8,442 | $17,482 | $345,883 |
| 4 | $8,873 | $17,051 | $337,009 |
| 5 | $9,326 | $16,598 | $327,683 |
| 6 | $9,802 | $16,122 | $317,881 |
| 7 | $10,302 | $15,622 | $307,579 |
| 8 | $10,828 | $15,096 | $296,751 |
| 9 | $11,381 | $14,544 | $285,370 |
| 10 | $11,962 | $13,963 | $273,409 |
| 11 | $12,572 | $13,352 | $260,837 |
| 12 | $13,214 | $12,711 | $247,623 |
| 13 | $13,888 | $12,037 | $233,735 |
| 14 | $14,597 | $11,328 | $219,139 |
| 15 | $15,342 | $10,583 | $203,797 |
| 16 | $16,125 | $9,800 | $187,672 |
| 17 | $16,948 | $8,977 | $170,725 |
| 18 | $17,812 | $8,112 | $152,912 |
| 19 | $18,722 | $7,203 | $134,191 |
| 20 | $19,677 | $6,247 | $114,514 |
| 21 | $20,681 | $5,243 | $93,833 |
| 22 | $21,737 | $4,188 | $72,096 |
| 23 | $22,846 | $3,078 | $49,250 |
| 24 | $24,012 | $1,913 | $25,238 |
| 25 | $25,238 | $687 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $370,000 mortgage is about $2,160.37 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 $370,000 mortgage is roughly $278,111. 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.