A $985,000 mortgage in Canada at 5.04% costs about $5,751.26 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 | $20,345 | $48,670 | $964,655 |
| 2 | $21,384 | $47,631 | $943,271 |
| 3 | $22,475 | $46,540 | $920,796 |
| 4 | $23,622 | $45,393 | $897,174 |
| 5 | $24,828 | $44,187 | $872,346 |
| 6 | $26,095 | $42,920 | $846,251 |
| 7 | $27,426 | $41,589 | $818,825 |
| 8 | $28,826 | $40,189 | $789,999 |
| 9 | $30,297 | $38,718 | $759,701 |
| 10 | $31,844 | $37,172 | $727,858 |
| 11 | $33,469 | $35,546 | $694,389 |
| 12 | $35,177 | $33,838 | $659,212 |
| 13 | $36,972 | $32,043 | $622,240 |
| 14 | $38,859 | $30,156 | $583,381 |
| 15 | $40,842 | $28,173 | $542,539 |
| 16 | $42,926 | $26,089 | $499,613 |
| 17 | $45,117 | $23,898 | $454,495 |
| 18 | $47,420 | $21,595 | $407,076 |
| 19 | $49,840 | $19,175 | $357,236 |
| 20 | $52,383 | $16,632 | $304,853 |
| 21 | $55,057 | $13,958 | $249,796 |
| 22 | $57,867 | $11,149 | $191,929 |
| 23 | $60,820 | $8,195 | $131,109 |
| 24 | $63,924 | $5,091 | $67,185 |
| 25 | $67,185 | $1,829 | $0 |
At 5.04% over 25 years, the principal-and-interest payment on a $985,000 mortgage is about $5,751.26 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 $985,000 mortgage is roughly $740,378. 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.