A $950,000 mortgage in Canada at 5.04% costs about $5,546.90 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 | $19,622 | $46,940 | $930,378 |
| 2 | $20,624 | $45,939 | $909,754 |
| 3 | $21,676 | $44,886 | $888,077 |
| 4 | $22,783 | $43,780 | $865,294 |
| 5 | $23,945 | $42,617 | $841,349 |
| 6 | $25,168 | $41,395 | $816,181 |
| 7 | $26,452 | $40,111 | $789,730 |
| 8 | $27,802 | $38,761 | $761,928 |
| 9 | $29,221 | $37,342 | $732,707 |
| 10 | $30,712 | $35,851 | $701,995 |
| 11 | $32,279 | $34,283 | $669,715 |
| 12 | $33,927 | $32,636 | $635,788 |
| 13 | $35,658 | $30,905 | $600,130 |
| 14 | $37,478 | $29,085 | $562,652 |
| 15 | $39,391 | $27,172 | $523,261 |
| 16 | $41,401 | $25,162 | $481,860 |
| 17 | $43,514 | $23,049 | $438,346 |
| 18 | $45,735 | $20,828 | $392,611 |
| 19 | $48,069 | $18,494 | $344,542 |
| 20 | $50,522 | $16,041 | $294,020 |
| 21 | $53,100 | $13,462 | $240,920 |
| 22 | $55,810 | $10,752 | $185,110 |
| 23 | $58,659 | $7,904 | $126,451 |
| 24 | $61,652 | $4,910 | $64,798 |
| 25 | $64,798 | $1,764 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $950,000 mortgage is about $5,546.90 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 $950,000 mortgage is roughly $714,070. 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.