{"id":29295,"date":"2024-05-08T06:00:00","date_gmt":"2024-05-08T10:00:00","guid":{"rendered":"https:\/\/www.zoocasa.com\/blog\/?p=29295"},"modified":"2024-05-16T09:42:06","modified_gmt":"2024-05-16T13:42:06","slug":"25-year-mortgage-costs-vs-30-year-mortgage","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/25-year-mortgage-costs-vs-30-year-mortgage\/","title":{"rendered":"Here&#8217;s How Much You&#8217;ll Pay in Interest On a 30-Year Mortgage vs. a 25-Year Mortgage Across Canada"},"content":{"rendered":"\n<p>If you\u2019re getting ready to purchase a home, one of the most important financial decisions you\u2019ll face is choosing the type of mortgage and the term length that best fits your needs. In Canada, a 25-year amortization term is standard, however, due to rising interest rates over the past few years, 30-year amortizations are becoming increasingly popular.&nbsp;<\/p>\n\n\n\n<p>Starting from August 1, 2024, insured first-time homebuyers will be allowed to have 30-year amortization periods when purchasing newly built homes. But even if you\u2019re not a first-time buyer, you can still secure a 30-year mortgage by making at least a 20% down payment or opting for an uninsured mortgage. So if you\u2019re on the fence about which mortgage term length is right for you, it might be helpful to consider whether you\u2019d prefer smaller monthly payments or to pay more in interest over the life of the mortgage.&nbsp;<\/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<p>To better understand the difference in interest payments between a 30-year mortgage and a 25-year mortgage, Zoocasa calculated how much the average monthly mortgage payment would be in 20 cities across Canada and compared the interest paid on a 25-year mortgage and a 30-year mortgage in each. Mortgages were calculated assuming a 4.79% fixed rate with a 20% down payment and used the most recent benchmark prices available from CREA for March 2024.&nbsp;<\/p>\n\n\n<p><iframe title=\"How Much You'll Pay in Interest on a 30-year Mortgage vs. a 25-year Mortgage\" aria-label=\"Table\" id=\"datawrapper-chart-Z3ntc\" src=\"https:\/\/datawrapper.dwcdn.net\/Z3ntc\/2\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"867\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();<\/script><\/p>\n\n\n\n<h1 class=\"wp-block-heading\">The Difference in Interest Paid Can Be Astronomical<\/h1>\n\n\n\n<p>Regardless of the mortgage term, the more expensive the home you buy, the larger the mortgage will be. That\u2019s why Vancouver and Toronto require the largest monthly mortgage payments in Canada.&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/vancouver-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Vancouver\u2019s<\/a> March 2024 benchmark price of $1,196,800 is the highest in the country, which brings the total mortgage to $957,440. With a 25-year mortgage, Vancouver homeowners will pay $6,818 per month in mortgage payments and $848,681 in interest over the life of the mortgage, while with a 30-year mortgage, homeowners will pay $6,238 per month in mortgage payments and $1,048,861 in interest. That comes out to a whopping $200,000 difference between the interest paid on a 25-year mortgage and a 30-year mortgage.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/prices-in-canadas-top-markets\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>How Have Prices Evolved in Canada\u2019s Top Markets Since 2019?<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/toronto-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Toronto<\/a> homeowners have a similarly large difference between the interest paid on a 25-year mortgage and a 30-year mortgage. With a benchmark price of $1,113,600, Toronto homeowners will pay $6,344 per month in mortgage payments and will pay $789,682 in interest for a 25-year mortgage. With a 30-year mortgage, Toronto homeowners will have a lower monthly mortgage payment at $5,804 per month, but the trade-off is that they will also pay $186,263 more in interest over the entire mortgage period compared to a 25-year mortgage.&nbsp;<\/p>\n\n\n\n<p>Other cities with more than a $125,000 difference in interest paid on a 25-year mortgage and a 30-year mortgage include <a href=\"https:\/\/www.zoocasa.com\/hamilton-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Hamilton-Burlington<\/a>, <a href=\"https:\/\/www.zoocasa.com\/victoria-bc-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Victoria<\/a>, and <a href=\"https:\/\/www.zoocasa.com\/guelph-on-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Guelph &amp; District<\/a>.&nbsp;<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">The Impact of Mortgage Term Length in Canada\u2019s Most Affordable Cities<\/h1>\n\n\n\n<p>Even in the most affordable markets in Canada, the difference in interest paid on a 25-year mortgage and a 30-year mortgage is quite substantial. Take <a href=\"https:\/\/www.zoocasa.com\/regina-sk-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Regina<\/a>, for example, which has a benchmark price of $313,100. With a 25-year mortgage, a Regina homeowner would pay $1,784 per month in mortgage payments, and with a 30-year mortgage, they would pay $152 less per month with a monthly mortgage payment of $1,632. However, opting for a 25-year mortgage would reduce the total interest paid by $52,370 compared to a 30-year mortgage.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Read: <\/strong><a href=\"https:\/\/www.zoocasa.com\/blog\/top-canadian-cities-to-buy-real-estate-in-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Top Canadian Cities to Buy Real Estate in 2024<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/www.zoocasa.com\/moncton-nb-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Moncton<\/a>, <a href=\"https:\/\/www.zoocasa.com\/st-johns-nl-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">St. John\u2019s<\/a>, Quebec, and <a href=\"https:\/\/www.zoocasa.com\/edmonton-ab-real-estate\" target=\"_blank\" rel=\"noreferrer noopener\">Edmonton<\/a> all have benchmark prices under $400,000, and in all of these cities, a homeowner with a 30-year mortgage will pay at least $55,000 more in interest than a homeowner with a 25-year mortgage. The difference in monthly mortgage payments between a 25-year mortgage and a 30-year mortgage in all of these cities is also less than $200 per month. This further illustrates the importance of carefully considering your mortgage term length, regardless of the city you buy a home in.&nbsp;<\/p>\n\n\n\n<p>Need help navigating the ever-changing Canadian real estate market? We\u2019re here for you! <a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\" target=\"_blank\" rel=\"noreferrer noopener\">Give us a call today<\/a> to speak to an expert agent in your city.&nbsp;<\/p>\n\n\n<div class=\"cta\">\n<div class=\"cta-left\">\n<div class=\"cta-title\">Have questions about your local market?<\/div>\n<div class=\"cta-body\">We can help!<\/div>\n<\/div>\n<div class=\"cta-right\"><a href=\"https:\/\/www.zoocasa.com\/buy-with-zoocasa\"><button classcta=\"-button\">Talk To Our Experts<\/button><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re getting ready to purchase a home, one of the most important financial decisions you\u2019ll face is choosing the type of mortgage and the term length that best fits your needs. In Canada, a 25-year amortization term is standard, however, due to rising interest rates over the past few years, 30-year amortizations are becoming [&hellip;]<\/p>\n","protected":false},"author":132,"featured_media":29296,"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":[1114,1111,172,468],"tags":[],"class_list":["post-29295","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability-reports","category-canada","category-mortgage-news","category-mortgages-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Interest You&#039;ll Pay On a 30-Year vs. a 25-Year Mortgage<\/title>\n<meta name=\"description\" content=\"Explore the significant financial differences in interest costs between 25-year and 30-year mortgage terms in this comprehensive report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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