What is the monthly payment on a $300,000 mortgage in Canada?

At a 5% interest rate with 25-year amortization, the monthly payment on a $300,000 mortgage is approximately $1,745. At 4%, it drops to about $1,578. At 6%, it rises to roughly $1,919. Payments vary based on your rate, amortization period, and payment frequency.

How much total interest will I pay on a $300,000 mortgage?

On a $300,000 mortgage at 5% over 25 years, you will pay approximately $223,500 in total interest — bringing your total cost to about $523,500. At 4%, total interest drops to roughly $173,400. A 30-year amortization at 5% increases total interest to approximately $279,700.

What income do I need for a $300,000 mortgage?

You typically need a household income of roughly $74,000 to $92,000 to qualify for a $300,000 mortgage in Canada, depending on your other debts and the interest rate. Use our mortgage affordability calculator for a precise estimate.

Can I afford a $300,000 mortgage on a single income?

Yes, if your income is at least $74,000–$92,000 with minimal other debts. A single person earning $85,000 with no car payment or other debts should qualify. At 5% over 25 years, the monthly payment is $1,745 — about 25% of gross monthly income at $85K salary, well within the 39% GDS limit.

$300,000 Mortgage in Canada: Monthly Payments, Total Cost & Income Needed

How much does a $300,000 mortgage cost?

A $300,000 mortgage is one of the most common mortgage amounts in Canada — typical for first-time buyers in mid-range markets or move-up buyers putting 20%+ down. Here’s exactly what this mortgage will cost you.

Monthly payments at every rate

Interest Rate	25-Year Monthly	30-Year Monthly	Difference
3.00%	$1,419	$1,264	$155
3.50%	$1,498	$1,347	$151
4.00%	$1,578	$1,432	$146
4.50%	$1,660	$1,520	$140
5.00%	$1,745	$1,610	$135
5.50%	$1,831	$1,703	$128
6.00%	$1,919	$1,799	$120
6.50%	$2,010	$1,896	$114
7.00%	$2,101	$1,996	$105

Monthly payments include principal and interest only. Property taxes, insurance, and condo fees are additional.

Total cost of a $300,000 mortgage

Interest Rate	Total Paid (25-yr)	Total Interest (25-yr)	Total Paid (30-yr)	Total Interest (30-yr)
3.00%	$425,700	$125,700	$455,000	$155,000
4.00%	$473,400	$173,400	$515,500	$215,500
5.00%	$523,500	$223,500	$579,600	$279,600
6.00%	$575,700	$275,700	$647,800	$347,800
7.00%	$630,300	$330,300	$718,600	$418,600

Key takeaway: At 5%, choosing 30 years over 25 years costs an extra $56,100 in interest. That’s the price of lower monthly payments.

How your payments break down over time

Here’s how a $300,000 mortgage at 5% (25-year amortization) breaks down:

Year	Annual Interest	Annual Principal	Remaining Balance
1	$14,790	$6,150	$293,850
5	$13,615	$7,325	$267,500
10	$11,700	$9,240	$229,500
15	$9,150	$11,790	$180,600
20	$5,775	$15,165	$117,400
25	$1,410	$19,530	$0

25-year vs 30-year amortization

Feature	25-Year	30-Year
Monthly payment (at 5%)	$1,745	$1,610
Total interest paid	$223,500	$279,600
Extra cost of 30-year	—	+$56,100
Equity after 5 years	~$32,500	~$21,700
Who it’s for	Faster payoff, lower total cost	Lower monthly payments, more cash flow

How payment frequency affects costs

Frequency	Payment Amount	Annual Cost	Amortization	Interest Saved
Monthly	$1,745	$20,940	25 years	—
Bi-weekly	$872	$22,672	25 years	$0
Accelerated bi-weekly	$872	$22,672	~22 years	~$25,200

Strategies to reduce your mortgage cost

Choose a shorter amortization — 25 years instead of 30 saves $56,100 on a $300K mortgage at 5%
Make accelerated bi-weekly payments — saves ~$25,200 and cuts 3 years off your amortization
Use prepayment privileges — a $10,000 annual lump sum saves ~$30,000+ in interest
Shop for a lower rate — 0.25% lower saves approximately $13,500 over 25 years
Increase payments when you can — a $150/month increase saves ~$15,000 in interest

Who carries a $300,000 mortgage?

A $300,000 mortgage is the bread-and-butter Canadian mortgage in the Prairies and Atlantic Canada specifically — not a generic “average” borrower profile. With 10–20% down, it finances a home priced roughly $335,000–$375,000, which lines up almost exactly with Regina’s July 2026 benchmark price of $343,500 (+3.0% YoY), one of Canada’s most affordable major markets. It also sits comfortably below Winnipeg’s benchmark of $392,900 and Moncton’s $385,200, meaning a $300K mortgage buys with room to spare in both cities. At 5% over 25 years the monthly payment is about $1,745, requiring roughly $75,000–$85,000 in household income — achievable on a single income in all three markets. Because this mortgage size is well within CMHC-insured limits, buyers also get access to the lowest available insured rates.

Real cities where a $300,000 mortgage fits today

City	July 2026 Benchmark Price	Fits a $300K Mortgage?
Regina	$343,500 (+3.0% YoY)	Yes — near-exact match with a typical down payment
Moncton	$385,200 (+6.7% YoY)	Yes, with 15–20% down
Winnipeg	$392,900 (+3.0% YoY)	Yes, with 20%+ down
Saskatoon	$438,600 (+3.7% YoY)	Tight — needs 25%+ down or a smaller property type

Where a $300,000 mortgage applies

First-time buyers in Regina, Winnipeg, or Moncton — the current benchmark prices in these markets line up directly with a $300K mortgage and typical down payment
Entry-level homes with moderate down — a $375K home with 20% down, or a $315K home with 5% down
Condo purchases in larger cities — condos in Calgary, Ottawa, or Montréal suburbs
Downsizing — selling a family home and buying a smaller property