{"id":23015,"date":"2023-07-18T12:00:00","date_gmt":"2023-07-18T16:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=23015"},"modified":"2023-10-26T09:07:59","modified_gmt":"2023-10-26T13:07:59","slug":"how-much-interest-on-mortgages","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/","title":{"rendered":"Here\u2019s How Much Interest Canadians Can Expect to Pay on a 25-Year Mortgage\u00a0"},"content":{"rendered":"\n<p>Budgeting for your mortgage is one of the most important parts of buying a home. You\u2019re locked into paying a monthly sum that will likely vary over the course of your loan.<\/p>\n\n\n\n<p>While lenders are willing to amortize your mortgage over 25 or even 30 years, the amount paid in interest is quite substantial, especially in the first few years of your mortgage term. The interest you\u2019re paying is going to depend primarily on your lending rate and&nbsp;as the interest rate set by the Bank of Canada increases, so will the amount of interest you will have to pay on your mortgage when you renew or if you have a variable rate.<\/p>\n\n\n\n<p><strong><em>Enjoying our content? Subscribe to our free <\/em><\/strong><a href=\"http:\/\/zoocasa.com\/newsletter\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>weekly newsletter<\/em><\/strong><\/a><strong><em> to get real estate market insights, news, and reports straight to your inbox.<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/boc-july-interest-rate-hike\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Impact of the Bank of Canada\u2019s Third Interest Rate Hike of 2023 on Canadian Real Estate<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>So, if you were to take out a mortgage today, how much will you pay in interest on top of your principal? To find out, we reviewed mortgage costs in five major cities across Canada and analyzed how much a homeowner would pay for an average priced home, assuming a 6.01% interest rate throughout the term, and broke that down to find out how much interest would be paid over a 25-year term.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"462\" height=\"1024\" src=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/MORTGAGE-INTEREST-2-462x1024.png\" alt=\"\" class=\"wp-image-24981\" srcset=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/MORTGAGE-INTEREST-2-462x1024.png 462w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/MORTGAGE-INTEREST-2-135x300.png 135w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/MORTGAGE-INTEREST-2-768x1701.png 768w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/MORTGAGE-INTEREST-2-694x1536.png 694w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/MORTGAGE-INTEREST-2-925x2048.png 925w, https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/MORTGAGE-INTEREST-2.png 1324w\" sizes=\"auto, (max-width: 462px) 100vw, 462px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">How Much Interest Are You Paying?<\/h2>\n\n\n\n<p>The first thing to note is how much the interest payments decrease. Fortunately, the amount of interest you pay is not fixed like the rate is. It\u2019s based on the amount of money outstanding on your mortgage. So as you pay it off and the owed total decreases, the amount of interest you pay decreases as well. That\u2019s why on a home at the average national price, the interest on the mortgage payments in the last year is less than $350 &#8211; a homeowner will&nbsp;only pay interest on the very little that they still owe. <\/p>\n\n\n\n<p>In the final years, it\u2019s only a few dollars of difference, but depending on where you buy, the difference in interest on your mortgage could vary by thousands of dollars from city to city. However, the first few years are when mortgage owners pay little towards their principal compared to the amount spent on interest. This means making a substantial dent in the amount owing will take time so your interest payments can go down. Looking at the breakdown of the national average, interest payments only decreased by $224 between years one and five.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/renting-vs-buying-july-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Renting vs. Buying: Decoding Affordability in the GTA Right Now<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>In the more expensive cities, homeowners will&nbsp;pay more interest. The home prices are higher here &#8211; in <a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a>, the current average price is $1,171,300 and in <a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver<\/a>, it\u2019s $1,203,000 &#8211; so you\u2019ll be paying out a higher mortgage, and with a higher mortgage comes greater interest. For a 25-year mortgage in Toronto at the current average price, a homeowner will pay $856,953 towards interest over the lifespan of their mortgage, while in Vancouver the interest is&nbsp;an extra $872,071.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/most-affordable-ontario-cities-july-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>The Most Affordable Ontario Cities to Buy Real Estate in July 2023<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/halifax-ns-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Halifax<\/a>, as the most affordable city we looked at, has the lowest average housing price, at $528,400. The interest on a mortgage for the current average price in the city would come to $471,566, with final payments of slightly over $300 in the 25th year of repayment.&nbsp;<\/p>\n\n\n\n<p>More questions about mortgage payments and interest? We\u2019re here to help! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call<\/a> today to speak to a real estate agent in your area.\u00a0<\/p>\n\n\n\n<p><em>Last updated on October 26, 2023 to correct a miscalculation.<\/em><\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Ready to join the summer market?<\/div>\n<div class=\"cta-body\">Contact us today to speak to a Realtor in your area<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/sell-with-zoocasa\"><button class=\"cta-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Budgeting for your mortgage is one of the most important parts of buying a home. You\u2019re locked into paying a monthly sum that will likely vary over the course of your loan. While lenders are willing to amortize your mortgage over 25 or even 30 years, the amount paid in interest is quite substantial, especially [&hellip;]<\/p>\n","protected":false},"author":119,"featured_media":23019,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"0","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"1","show_post_related":"1","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"footnotes":""},"categories":[1111,468],"tags":[],"class_list":["post-23015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canada","category-mortgages-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here\u2019s How Much Interest Canadians Can Expect to Pay on a 25-Year Mortgage\u00a0 | Zoocasa Blog<\/title>\n<meta name=\"description\" content=\"Budgeting for your mortgage is one of the most important parts of buying a home. You\u2019re locked into paying a monthly sum that will likely vary over the Discover the projected interest rates and payment expectations for Canadians seeking a 25-year mortgage. This informative guide explores the factors influencing mortgage interest rates and provides valuable insights into the financial implications of long-term home loans. Stay informed and make confident decisions when navigating the Canadian mortgage market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s How Much Interest Canadians Can Expect to Pay on a 25-Year Mortgage\u00a0 | Zoocasa Blog\" \/>\n<meta property=\"og:description\" content=\"Budgeting for your mortgage is one of the most important parts of buying a home. You\u2019re locked into paying a monthly sum that will likely vary over the Discover the projected interest rates and payment expectations for Canadians seeking a 25-year mortgage. 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Stay informed and make confident decisions when navigating the Canadian mortgage market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/\" \/>\n<meta property=\"og:site_name\" content=\"Zoocasa Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Zoocasa\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-18T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-26T13:07:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Zoocasa-How-much-interest-will-you-pay-on-your-25-year-mortgage-Thumbnail.png\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"338\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Daniel Crook\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.zoocasa.com\/blog\/wp-content\/uploads\/2023\/07\/Zoocasa-How-much-interest-will-you-pay-on-your-25-year-mortgage-Thumbnail.png\" \/>\n<meta name=\"twitter:creator\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:site\" content=\"@Zoocasa\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Daniel Crook\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/\"},\"author\":{\"name\":\"Daniel Crook\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#\/schema\/person\/2a4b65285e841ed26e0f85235df85c59\"},\"headline\":\"Here\u2019s How Much Interest Canadians Can Expect to Pay on a 25-Year Mortgage\u00a0\",\"datePublished\":\"2023-07-18T16:00:00+00:00\",\"dateModified\":\"2023-10-26T13:07:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/\"},\"wordCount\":642,\"publisher\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#organization\"},\"articleSection\":[\"Canada\",\"Mortgages\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/\",\"url\":\"https:\/\/www.zoocasa.com\/blog\/how-much-interest-on-mortgages\/\",\"name\":\"Here\u2019s How Much Interest Canadians Can Expect to Pay on a 25-Year Mortgage\u00a0 | Zoocasa Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.zoocasa.com\/blog\/#website\"},\"datePublished\":\"2023-07-18T16:00:00+00:00\",\"dateModified\":\"2023-10-26T13:07:59+00:00\",\"description\":\"Budgeting for your mortgage is one of the most important parts of buying a home. 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