Mortgage Payments by Amount in Canada: Monthly Cost and Total Interest (2026)

The payment table on this page covers every mortgage amount from $100,000 to $1,000,000. Three pages go further, each with insured payments at every down payment, the income needed and a set of cities’ home prices compared with the loan:

• $300,000, with $100,000 and $200,000: a 5% down payment, the rate an insured loan gets, prices in Regina, Winnipeg, Edmonton and four more cities, and renewing a small balance.
• $500,000, with $400,000 and $600,000: where the 10% down payment band starts, 25 vs 30 years, prices in Calgary, Ottawa, Montreal and other mid-priced markets.
• $700,000, with $800,000, $900,000 and $1,000,000: bi-weekly and prepayment savings, the insured price cap, the stress test, and the Toronto, Vancouver and Okanagan markets.

Monthly payments by mortgage amount

Payments are principal and interest over 25 years, compounded semi-annually. The first rate column is the Bank of Canada’s average rate on new uninsured 5-year fixed mortgages; the others are examples. Lenders’ current offers, fixed and variable, are on the mortgage rates page.

25 vs 30 years

A 30-year amortization lowers the payment but adds interest. Insured mortgages are limited to 25 years, or 30 for first-time buyers and new builds.

How long a balance takes to pay down

A $100,000 or $200,000 balance can be what’s left of a larger mortgage. This table shows how long that takes at the current average rate, with regular payments over 25 years:

Prepayments shorten these times. The $300,000 page covers renewing a $100,000 balance and what a lower rate saves on $200,000.

How the payment is worked out

Each payment covers the interest charged since the last one, and the rest reduces the balance. Early on most of the payment is interest; by the end most of it is principal. Canadian fixed-rate mortgages usually compound interest semi-annually. Under section 6 of the Interest Act, a mortgage repaid in blended payments of principal and interest (or on a sinking-fund plan, or with an allowance of interest on stipulated repayments) must state the principal and the interest rate calculated yearly or half-yearly, not in advance; if it doesn't, no interest can be charged on the principal. (Interest Act) The monthly rate is therefore a little lower than the annual rate divided by 12.

On the amount pages:

• Rate tables show principal and interest only. The bold row is the Bank of Canada’s current average for new uninsured 5-year fixed loans, the other rows are examples.
• Total interest assumes the same rate for the whole amortization. A real mortgage is renewed every few years at whatever rate applies then.
• Accelerated bi-weekly means half the monthly payment every two weeks: 26 half-payments, or 13 monthly payments a year, so the loan is paid off sooner.
• Insured payments (under 20% down) use the Bank of Canada’s average insured 5-year fixed rate and add CMHC’s premium to the loan.

Down payment and insurance

The minimum down payment is 5% of the first $500,000 and 10% of the rest for homes under $1.5 million, and 20% at $1.5 million or more. With less than 20% down the mortgage needs default insurance from CMHC or a private insurer. The premium is a percentage of the loan that rises with the loan-to-value ratio, and it is usually added to the mortgage. The CMHC insurance calculator works it out for any price.

Income and home prices

The income figure on each page is what it takes to pass the stress test with CMHC’s debt service limits, assuming property tax of 1% of the price a year, $150 a month for heat and no other debts; the full method is on the income-to-afford page, and the $1,000,000 section walks through the stress test for a large mortgage. City prices come from each local real estate board’s latest release. An MLS HPI benchmark is the price of a typical home; an average or a median moves with the mix of homes sold that month, so the pages name which one each city publishes.

Related pages

• Income needed by mortgage amount
• How much house can I afford?
• Mortgage calculators
• Mortgage renewal calculator