A $900,000 mortgage in Canada has monthly payments of $4,757-$5,985 depending on your interest rate and amortization period.
Monthly Payments by Interest Rate
| Interest Rate | 25-Year Amortization | 30-Year Amortization |
|---|---|---|
| 4.50% | $4,982 | $4,561 |
| 5.00% | $5,235 | $4,832 |
| 5.50% | $5,499 | $5,110 |
| 6.00% | $5,760 | $5,394 |
| 6.50% | $6,030 | $5,688 |
| 7.00% | $6,312 | $5,985 |
Total Cost Analysis
| Interest Rate | Total Paid (25yr) | Total Interest | Interest % |
|---|---|---|---|
| 4.50% | $1,494,600 | $594,600 | 66% |
| 5.00% | $1,570,500 | $670,500 | 74% |
| 5.50% | $1,649,700 | $749,700 | 83% |
| 6.00% | $1,728,000 | $828,000 | 92% |
| 6.50% | $1,809,000 | $909,000 | 101% |
At 5.5%, you’d pay nearly $750K in interest over 25 years.
Income Required
| Scenario | Monthly Payment | Required Income (GDS 32%) |
|---|---|---|
| 5.5%, 25-year | $5,499 | $206,213/year |
| 5.5% + property tax + heat | $6,599 | $247,463/year |
| 6.5%, 25-year | $6,030 | $226,125/year |
A $900K mortgage is for top earners — typically combined incomes above $200K.
What Can You Buy for $900,000?
| City | What You Get |
|---|---|
| Toronto | Family condo or small townhouse |
| Vancouver | Nice condo |
| Calgary | Luxury home |
| Ottawa | Premium house |
| Montreal | Excellent house |
| Other cities | Top-tier properties |
Amortization Schedule (First 5 Years)
At 5.5% interest, 25-year amortization:
| Year | Starting Balance | Principal Paid | Interest Paid | Ending Balance |
|---|---|---|---|---|
| 1 | $900,000 | $18,414 | $47,574 | $881,586 |
| 2 | $881,586 | $19,458 | $46,530 | $862,128 |
| 3 | $862,128 | $20,559 | $45,429 | $841,569 |
| 4 | $841,569 | $21,724 | $44,264 | $819,845 |
| 5 | $819,845 | $22,957 | $43,031 | $796,888 |
After 5 years: $796,888 remaining — $103,112 paid toward principal.
Stress Test Reminder
In Canada, you must qualify at the higher of:
- Your contract rate + 2%
- 5.25% (minimum qualifying rate)
For a $900K mortgage at 5.5%, you must qualify as if the rate were 7.5%.
