A $60,000 mortgage in Canada at 5.04% costs about $350.33 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 | $1,239 | $2,965 | $58,761 |
| 2 | $1,303 | $2,901 | $57,458 |
| 3 | $1,369 | $2,835 | $56,089 |
| 4 | $1,439 | $2,765 | $54,650 |
| 5 | $1,512 | $2,692 | $53,138 |
| 6 | $1,590 | $2,614 | $51,548 |
| 7 | $1,671 | $2,533 | $49,878 |
| 8 | $1,756 | $2,448 | $48,122 |
| 9 | $1,846 | $2,358 | $46,276 |
| 10 | $1,940 | $2,264 | $44,337 |
| 11 | $2,039 | $2,165 | $42,298 |
| 12 | $2,143 | $2,061 | $40,155 |
| 13 | $2,252 | $1,952 | $37,903 |
| 14 | $2,367 | $1,837 | $35,536 |
| 15 | $2,488 | $1,716 | $33,048 |
| 16 | $2,615 | $1,589 | $30,433 |
| 17 | $2,748 | $1,456 | $27,685 |
| 18 | $2,888 | $1,315 | $24,797 |
| 19 | $3,036 | $1,168 | $21,761 |
| 20 | $3,191 | $1,013 | $18,570 |
| 21 | $3,354 | $850 | $15,216 |
| 22 | $3,525 | $679 | $11,691 |
| 23 | $3,705 | $499 | $7,987 |
| 24 | $3,894 | $310 | $4,093 |
| 25 | $4,093 | $111 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $60,000 mortgage is about $350.33 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 $60,000 mortgage is roughly $45,099. 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.