A $600,000 mortgage in Canada has monthly payments of $3,172-$3,990 depending on your interest rate and amortization period.
Monthly Payments by Interest Rate
| Interest Rate | 25-Year Amortization | 30-Year Amortization |
|---|---|---|
| 4.50% | $3,321 | $3,041 |
| 5.00% | $3,490 | $3,221 |
| 5.50% | $3,666 | $3,407 |
| 6.00% | $3,840 | $3,596 |
| 6.50% | $4,020 | $3,792 |
| 7.00% | $4,209 | $3,990 |
Total Cost Analysis
| Interest Rate | Total Paid (25yr) | Total Interest | Interest % |
|---|---|---|---|
| 4.50% | $996,300 | $396,300 | 66% |
| 5.00% | $1,047,000 | $447,000 | 75% |
| 5.50% | $1,099,800 | $499,800 | 83% |
| 6.00% | $1,152,000 | $552,000 | 92% |
| 6.50% | $1,206,000 | $606,000 | 101% |
At 5.5%, you’d pay nearly $500K in interest over the mortgage term.
Income Required
| Scenario | Monthly Payment | Required Income (GDS 32%) |
|---|---|---|
| 5.5%, 25-year | $3,666 | $137,475/year |
| 5.5% + property tax + heat | $4,466 | $167,475/year |
| 6.5%, 25-year | $4,020 | $150,750/year |
A $600K mortgage typically requires combined household income of $150,000+.
What Can You Buy for $600,000?
| City | What You Get |
|---|---|
| Toronto | 1-2BR condo |
| Vancouver | 1BR condo |
| Calgary | Excellent house |
| Edmonton | Premium house |
| Winnipeg | Luxury house |
| Montreal | Nice house |
| Ottawa | Nice house or large townhouse |
| Halifax | Very nice house |
Amortization Schedule (First 5 Years)
At 5.5% interest, 25-year amortization:
| Year | Starting Balance | Principal Paid | Interest Paid | Ending Balance |
|---|---|---|---|---|
| 1 | $600,000 | $12,276 | $31,716 | $587,724 |
| 2 | $587,724 | $12,972 | $31,020 | $574,752 |
| 3 | $574,752 | $13,706 | $30,286 | $561,046 |
| 4 | $561,046 | $14,483 | $29,509 | $546,563 |
| 5 | $546,563 | $15,305 | $28,687 | $531,258 |
After 5 years: $531,258 remaining — $68,742 paid toward principal.
