What will your mortgage cost?
Use the guides below to see detailed payment breakdowns for different mortgage amounts. Each page includes monthly payments at various interest rates, total interest over the life of the loan, 25-year vs 30-year amortization comparisons, and tips for reducing your mortgage costs.
Buying vs. renewing: which guide is for you?
Not everyone searching for a specific mortgage amount is buying a new home. Depending on where your number falls, you’re likely in one of two situations:
| If your mortgage amount is… | You’re most likely… | Focus on |
|---|---|---|
| $300,000 or more | Buying a home at current market prices in most Canadian cities | The city price comparisons and affordability sections on each guide |
| $100,000-$200,000 | Renewing or refinancing a balance paid down from a larger original mortgage | The renewal switch-or-stay math and payoff strategies on the $100K and $200K guides |
How a mortgage balance shrinks to $100K-$200K over time
If you’re not sure which situation applies to you, this table shows roughly how long it takes a larger original mortgage to pay down to a smaller remaining balance, assuming a 5% rate, 25-year amortization, and only minimum payments (no extra prepayments):
| Original Mortgage | Years to Reach ~$200,000 Remaining | Years to Reach ~$100,000 Remaining |
|---|---|---|
| $400,000 | ~13 years | ~20 years |
| $500,000 | ~16-17 years | ~22 years |
| $700,000 | ~19 years | ~23 years |
Extra payments, lump sums, or a shorter amortization all shrink these timelines considerably. If this describes your situation, your renewal decision (switch lenders or stay) usually matters more than the original purchase-market context – see the renewal math on the $100K and $200K guides.
Monthly payments by mortgage amount
| Mortgage Amount | Monthly Payment (4%)* | Monthly Payment (5%)* | Monthly Payment (6%)* | Guide |
|---|---|---|---|---|
| $100,000 | $526 | $582 | $640 | View breakdown → |
| $200,000 | $1,052 | $1,163 | $1,280 | View breakdown → |
| $300,000 | $1,578 | $1,745 | $1,919 | View breakdown → |
| $400,000 | $2,104 | $2,326 | $2,559 | View breakdown → |
| $500,000 | $2,630 | $2,908 | $3,199 | View breakdown → |
| $600,000 | $3,156 | $3,490 | $3,839 | View breakdown → |
| $700,000 | $3,682 | $4,071 | $4,479 | View breakdown → |
| $800,000 | $4,209 | $4,653 | $5,119 | View breakdown → |
| $900,000 | $4,735 | $5,235 | $5,758 | View breakdown → |
| $1,000,000 | $5,261 | $5,816 | $6,398 | View breakdown → |
*25-year amortization, monthly payments. Includes principal and interest only.
How mortgage costs work
Your mortgage cost is made up of two parts:
- Principal — the amount you borrowed, which gets paid down over the amortization period
- Interest — what the lender charges for lending you the money
In the early years of your mortgage, the majority of each payment goes toward interest. Over time, the balance shifts and more goes toward principal. This is called amortization.
25-year vs 30-year amortization comparison
| Mortgage | 25-Year Monthly | 30-Year Monthly | Monthly Savings | Extra Interest (30-yr) |
|---|---|---|---|---|
| $300,000 | $1,745 | $1,602 | $143 | ~$56,000 |
| $500,000 | $2,908 | $2,670 | $238 | ~$94,000 |
| $700,000 | $4,071 | $3,738 | $333 | ~$131,000 |
| $1,000,000 | $5,816 | $5,340 | $476 | ~$187,000 |
At 5% interest rate. Lower payments with 30-year amortization come at a significant total cost.
Browse All Mortgage Cost Guide Canada 2026 | Monthly Payments by Mortgage Amount Articles
Browse all 11 articles in this section.
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- $100,000 Mortgage in Canada: Renewal, Payoff & Payment Costs
- $200,000 Mortgage in Canada: Renewal, Payoff & Payment Costs
- $300,000 Mortgage in Canada: Monthly Payments, Total Cost & Income Needed
- $500,000 Mortgage in Canada: Monthly Payments, Total Cost & Income Needed
- $700,000 Mortgage in Canada: Monthly Payments, Total Cost & Income Needed
- $800,000 Mortgage in Canada: Monthly Payments, Total Cost & Income Needed
- $900,000 Mortgage in Canada: Monthly Payments, Total Cost & What You Need