In short
In Canada, at the average 5-year fixed mortgage rate of 4.58% (Bank of Canada, August 2026), a $500,000 mortgage amortized over 25 years costs about $2,790 a month, and a $400,000 mortgage about $2,232. Over 30 years, the $500,000 comes to about $2,544 a month. Each 0.25-point rise in the rate adds about $14 a month for every $100,000 borrowed. With less than 20% down, the CMHC insurance premium is added to the loan and the payment.
Monthly payment by loan amount
| Loan | Fixed 4.58%, 25 years | Fixed 4.58%, 30 years | Variable 3.90%, 25 years |
|---|---|---|---|
| $200,000 | $1,116 | $1,018 | $1,041 |
| $300,000 | $1,674 | $1,527 | $1,562 |
| $400,000 | $2,232 | $2,036 | $2,082 |
| $500,000 | $2,790 | $2,544 | $2,603 |
| $600,000 | $3,348 | $3,053 | $3,124 |
| $750,000 | $4,184 | $3,817 | $3,905 |
| $1,000,000 | $5,579 | $5,089 | $5,206 |
By home price, with the minimum down payment
| Price | Minimum down payment | CMHC premium | Total loan | Payment, 25 years |
|---|---|---|---|---|
| $300,000 | $15,000 | $11,400 | $296,400 | $1,654 |
| $400,000 | $20,000 | $15,200 | $395,200 | $2,205 |
| $500,000 | $25,000 | $19,000 | $494,000 | $2,756 |
| $600,000 | $35,000 | $22,600 | $587,600 | $3,278 |
| $750,000 | $50,000 | $28,000 | $728,000 | $4,062 |
| $1,000,000 | $75,000 | $37,000 | $962,000 | $5,367 |
In the big cities, at the market reference price
| City | Reference price | Payment, 20% down | Payment, minimum down |
|---|---|---|---|
| Montreal | $635,000 (September 2026) | $2,834 | $3,461 |
| Quebec City | $475,000 (September 2026) | $2,120 | $2,618 |
| Toronto | $918,400 (August 2026) | $4,099 | $4,941 |
| Ottawa | $623,500 (September 2026) | $2,783 | $3,401 |
| Vancouver | $1,075,900 (September 2026) | $4,802 | $5,764 |
| Calgary | $564,200 (October 2026) | $2,518 | $3,091 |
| Edmonton | $423,100 (September 2026) | $1,888 | $2,332 |
| Winnipeg | $403,200 (August 2026) | $1,800 | $2,223 |
| Halifax | $557,300 (July 2026) | $2,487 | $3,055 |
Rates: averages for uninsured loans published by the Bank of Canada (August 2026); your lender will set its own rate. Interest compounded semi-annually, as the law requires for a mortgage in Canada. Minimum down payment and premiums: federal rules in force (5% up to $500,000, 10% on the next portion, 20% from $1.5M).
How the payment is calculated in Canada
The payment depends on three things: the amount borrowed, the rate and the amortization period. In Canada, the law requires interest on a fixed-rate mortgage to be calculated no more than twice a year: that is why a Canadian payment is slightly lower than a "monthly" calculation from an American calculator.
With less than 20% down, the loan must be insured: the premium, 2.80% to 4.00% of the loan depending on the down payment, is added to the amount borrowed and therefore to the payment. See down payment and mortgage insurance.
What the payment does not include
The mortgage payment is only part of a home’s monthly cost: add property taxes, home insurance, heating and, in a condo, condo fees. That is why the lender qualifies you on the whole, at a higher rate: see borrowing capacity and stress test.
25 or 30 years?
A 30-year amortization lowers the payment but costs more interest in total. With 20% or more down, it is widely offered; with less than 20%, it is reserved for first-time buyers and buyers of new builds, with an insurance surcharge. See 25 or 30-year amortization.
Lowering your payment: what a mortgage broker compares
The rates in this table are averages: your real rate depends on your file, your down payment and the lender. A mortgage broker compares several lenders for you and also looks at what the posted rate does not say: the break penalty, portability, prepayment options. In the city table, each name leads to that city’s verified mortgage broker.
Frequently asked questions
How much is a $500,000 mortgage per month?
About $2,790 a month over 25 years, and about $2,544 over 30 years, at the average 5-year fixed rate of 4.58% (Bank of Canada, August 2026). Your real rate depends on your file and lender.
How much is a $400,000 mortgage per month?
About $2,232 a month over 25 years at the average 5-year fixed rate of 4.58% (Bank of Canada, August 2026).
How much does a rate increase add to my payment?
About $14 a month for every $100,000 borrowed, per 0.25-point increase, over 25 years. On a $400,000 mortgage, that is about $56 a month.
Why is my payment lower than on an American calculator?
Because in Canada, interest on a fixed-rate mortgage is calculated no more than twice a year, not monthly: at the same rate, the Canadian payment is slightly lower.