A $480,000 mortgage in Canada at 5.04% costs about $2,802.64 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 | $9,914 | $23,717 | $470,086 |
| 2 | $10,420 | $23,211 | $459,665 |
| 3 | $10,952 | $22,679 | $448,713 |
| 4 | $11,511 | $22,120 | $437,202 |
| 5 | $12,099 | $21,533 | $425,103 |
| 6 | $12,716 | $20,916 | $412,387 |
| 7 | $13,365 | $20,267 | $399,022 |
| 8 | $14,047 | $19,584 | $384,974 |
| 9 | $14,764 | $18,868 | $370,210 |
| 10 | $15,518 | $18,114 | $354,693 |
| 11 | $16,310 | $17,322 | $338,383 |
| 12 | $17,142 | $16,490 | $321,241 |
| 13 | $18,017 | $15,615 | $303,225 |
| 14 | $18,936 | $14,695 | $284,288 |
| 15 | $19,903 | $13,729 | $264,386 |
| 16 | $20,918 | $12,713 | $243,467 |
| 17 | $21,986 | $11,646 | $221,482 |
| 18 | $23,108 | $10,524 | $198,374 |
| 19 | $24,287 | $9,344 | $174,086 |
| 20 | $25,527 | $8,105 | $148,559 |
| 21 | $26,830 | $6,802 | $121,730 |
| 22 | $28,199 | $5,433 | $93,531 |
| 23 | $29,638 | $3,994 | $63,893 |
| 24 | $31,151 | $2,481 | $32,743 |
| 25 | $32,743 | $891 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $480,000 mortgage is about $2,802.64 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 $480,000 mortgage is roughly $360,792. 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.