In Canada, a $4,800 monthly mortgage payment supports a loan of about $822,081 at 5.04% over 25 years (principal and interest). Canadian fixed mortgages compound semi-annually (not monthly) and usually run a 5-year term within a 25-year amortization.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $6,610 | $15,811 | $313,390 |
| 2 | $6,947 | $15,474 | $306,443 |
| 3 | $7,302 | $15,120 | $299,142 |
| 4 | $7,674 | $14,747 | $291,468 |
| 5 | $8,066 | $14,355 | $283,402 |
| 6 | $8,477 | $13,944 | $274,924 |
| 7 | $8,910 | $13,511 | $266,014 |
| 8 | $9,365 | $13,056 | $256,649 |
| 9 | $9,843 | $12,578 | $246,806 |
| 10 | $10,345 | $12,076 | $236,461 |
| 11 | $10,873 | $11,548 | $225,588 |
| 12 | $11,428 | $10,993 | $214,160 |
| 13 | $12,011 | $10,410 | $202,149 |
| 14 | $12,624 | $9,797 | $189,525 |
| 15 | $13,269 | $9,153 | $176,256 |
| 16 | $13,946 | $8,476 | $162,311 |
| 17 | $14,657 | $7,764 | $147,653 |
| 18 | $15,405 | $7,016 | $132,248 |
| 19 | $16,192 | $6,230 | $116,056 |
| 20 | $17,018 | $5,403 | $99,038 |
| 21 | $17,886 | $4,535 | $81,152 |
| 22 | $18,799 | $3,622 | $62,353 |
| 23 | $19,759 | $2,662 | $42,594 |
| 24 | $20,767 | $1,654 | $21,827 |
| 25 | $21,827 | $594 | $0 |
At 5.04% over 25 years, a $4,800 principal-and-interest payment supports about a $822,081 loan.
The loan figure is principal and interest only. Your real $4,800 budget also has to cover property tax and insurance, so the property price you can target is a bit lower.
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.