A $980,000 mortgage in Canada at 5.04% costs about $5,722.06 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 | $20,242 | $48,423 | $959,758 |
| 2 | $21,275 | $47,390 | $938,483 |
| 3 | $22,361 | $46,304 | $916,122 |
| 4 | $23,502 | $45,163 | $892,620 |
| 5 | $24,702 | $43,963 | $867,918 |
| 6 | $25,962 | $42,703 | $841,956 |
| 7 | $27,287 | $41,378 | $814,669 |
| 8 | $28,680 | $39,985 | $785,989 |
| 9 | $30,143 | $38,521 | $755,846 |
| 10 | $31,682 | $36,983 | $724,164 |
| 11 | $33,299 | $35,366 | $690,865 |
| 12 | $34,998 | $33,667 | $655,867 |
| 13 | $36,784 | $31,880 | $619,083 |
| 14 | $38,662 | $30,003 | $580,421 |
| 15 | $40,635 | $28,030 | $539,787 |
| 16 | $42,708 | $25,956 | $497,078 |
| 17 | $44,888 | $23,777 | $452,190 |
| 18 | $47,179 | $21,486 | $405,011 |
| 19 | $49,587 | $19,078 | $355,425 |
| 20 | $52,117 | $16,547 | $303,307 |
| 21 | $54,777 | $13,888 | $248,530 |
| 22 | $57,573 | $11,092 | $190,958 |
| 23 | $60,511 | $8,154 | $130,447 |
| 24 | $63,599 | $5,066 | $66,848 |
| 25 | $66,848 | $1,820 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $980,000 mortgage is about $5,722.06 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 $980,000 mortgage is roughly $736,618. 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.