How Much Do You Pay Monthly for a Mortgage in Canada? Guide & Tables
Find out how much you'd pay monthly for your mortgage in Canada based on amount, term, and rate. Quick reference tables for Latinos buying their first home.
One of the questions we get asked most is simple: how much will I pay each month? The answer depends on three things — how much you borrow, at what interest rate, and over how many years you pay it back (the "amortization period").
Here are quick reference tables, plus how to calculate your exact case.
If you want to understand the basics first, check out What Is a Mortgage? and How Much Mortgage Can You Qualify For?
How your monthly payment is calculated
Your monthly payment combines principal (what reduces your debt) and interest (the cost of borrowing). In Canada, unlike some other countries, mortgage interest is calculated with semi-annual compounding — a technical detail that means generic online calculators sometimes give you a slightly different number than what your Canadian bank will actually charge.
Three factors move your payment:
- Mortgage amount: the more you borrow, the more you pay per month (direct relationship) - Interest rate: the higher it is, the more you pay per month - Amortization period: more years means a lower monthly payment — but more total interest paid over time
Quick reference table: monthly payment per $100,000 borrowed
These figures are per $100,000 borrowed. For your actual amount, scale proportionally (e.g., for $250,000, multiply by 2.5).
- 15-year amortization: $788 (5% rate) – $840 (6% rate) per month - 20-year amortization: $657 (5% rate) – $712 (6% rate) per month - 25-year amortization: $582 (5% rate) – $640 (6% rate) per month - 30-year amortization: $534 (5% rate) – $595 (6% rate) per month
Note: 5% and 6% are used here as an illustrative range — rates change constantly depending on the lender, your credit profile, and mortgage type (fixed or variable). Your actual rate may fall outside this range.
Examples with specific amounts
How much do you pay on a $100,000 mortgage?
- 15-year amortization: $788 – $840/month - 20-year amortization: $657 – $712/month - 30-year amortization: $534 – $595/month
How much do you pay on a $200,000 mortgage over 30 years?
$1,068 – $1,190/month, depending on your rate.
How much do you pay on a $300,000 mortgage over 20 years?
$1,972 – $2,136/month, depending on your rate.
How much does a $100,000 mortgage at 6% cost over 30 years?
Approximately $595/month — in the early years, most of that payment goes toward interest, not principal.
What these tables don't include
Your actual payment to the bank is almost always higher than principal + interest alone, because many lenders bundle in:
- Property tax: if your bank manages it on your behalf, it gets rolled into your monthly payment - Mortgage default insurance (CMHC): if your down payment is less than 20%, this insurance gets added to your mortgage amount — and therefore to your payment - Home insurance: mandatory, but usually paid separately, not folded into the mortgage payment itself
A trick to pay less interest: accelerated payments
Most Canadian banks let you switch your payment frequency from monthly to accelerated bi-weekly. Your rate and term don't change — you simply end up paying the equivalent of one extra monthly payment per year, which shortens your actual payoff timeline by several years without feeling like a big hit to your budget.
Frequently Asked Questions
Why does my bank's calculator give a different number than others I find online?
Because many online calculators use monthly compounding (common in the U.S.), while Canadian banks are legally required to use semi-annual compounding for fixed-rate mortgages. The difference is usually small, but it's real.
Does my monthly payment go up if interest rates rise?
It depends on your mortgage type. With a fixed rate, your payment stays the same for the entire term (usually 5 years). With a variable rate, your payment can go up or down with the market, depending on whether your mortgage has a fixed or adjustable payment structure.
What happens to my payment when my 5-year term ends?
You renew your mortgage — possibly at a different rate (higher or lower than your current one) — and your payment is recalculated based on your remaining balance and years left in your amortization.
Is a 25-year or 30-year amortization better?
A 30-year amortization gives you a lower monthly payment, which helps with monthly cash flow. But you pay more total interest over time. A 25-year amortization means a higher monthly payment, but you pay off your home sooner and save on total interest paid.
Calculate your exact numbers
These tables are a starting point, but your real payment depends on your specific rate, your down payment, and whether you need mortgage default insurance.
Want to know exactly how much you'd pay monthly in your case? Book a free conversation — in English or Spanish — and we'll calculate your exact payment using the real rate that applies to your profile.