A $670,000 mortgage in Canada at 5.04% costs about $3,912.02 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 | $13,839 | $33,105 | $656,161 |
| 2 | $14,545 | $32,399 | $641,616 |
| 3 | $15,288 | $31,657 | $626,328 |
| 4 | $16,068 | $30,876 | $610,260 |
| 5 | $16,888 | $30,056 | $593,373 |
| 6 | $17,750 | $29,195 | $575,623 |
| 7 | $18,656 | $28,289 | $556,968 |
| 8 | $19,608 | $27,337 | $537,360 |
| 9 | $20,608 | $26,336 | $516,752 |
| 10 | $21,660 | $25,284 | $495,092 |
| 11 | $22,765 | $24,179 | $472,326 |
| 12 | $23,927 | $23,017 | $448,399 |
| 13 | $25,148 | $21,796 | $423,251 |
| 14 | $26,432 | $20,512 | $396,819 |
| 15 | $27,781 | $19,163 | $369,038 |
| 16 | $29,199 | $17,746 | $339,840 |
| 17 | $30,689 | $16,256 | $309,151 |
| 18 | $32,255 | $14,689 | $276,896 |
| 19 | $33,901 | $13,043 | $242,995 |
| 20 | $35,631 | $11,313 | $207,364 |
| 21 | $37,450 | $9,495 | $169,914 |
| 22 | $39,361 | $7,583 | $130,553 |
| 23 | $41,370 | $5,575 | $89,183 |
| 24 | $43,481 | $3,463 | $45,702 |
| 25 | $45,702 | $1,244 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $670,000 mortgage is about $3,912.02 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 $670,000 mortgage is roughly $503,606. 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.