A $645,000 mortgage in Canada at 5.04% costs about $3,766.05 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 | $13,323 | $31,870 | $631,677 |
| 2 | $14,003 | $31,190 | $617,675 |
| 3 | $14,717 | $30,475 | $602,958 |
| 4 | $15,468 | $29,724 | $587,490 |
| 5 | $16,258 | $28,935 | $571,232 |
| 6 | $17,087 | $28,105 | $554,144 |
| 7 | $17,959 | $27,233 | $536,185 |
| 8 | $18,876 | $26,317 | $517,309 |
| 9 | $19,839 | $25,353 | $497,470 |
| 10 | $20,852 | $24,341 | $476,618 |
| 11 | $21,916 | $23,277 | $454,702 |
| 12 | $23,034 | $22,158 | $431,668 |
| 13 | $24,210 | $20,983 | $407,458 |
| 14 | $25,446 | $19,747 | $382,012 |
| 15 | $26,744 | $18,448 | $355,268 |
| 16 | $28,109 | $17,084 | $327,159 |
| 17 | $29,544 | $15,649 | $297,615 |
| 18 | $31,051 | $14,141 | $266,564 |
| 19 | $32,636 | $12,557 | $233,927 |
| 20 | $34,302 | $10,891 | $199,626 |
| 21 | $36,052 | $9,140 | $163,573 |
| 22 | $37,892 | $7,300 | $125,681 |
| 23 | $39,826 | $5,367 | $85,855 |
| 24 | $41,859 | $3,334 | $43,997 |
| 25 | $43,997 | $1,198 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $645,000 mortgage is about $3,766.05 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 $645,000 mortgage is roughly $484,815. 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.