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How much interest would I pay on a $400,000 mortgage?

Here's what your monthly $400,000 mortgage payment and total interest could look like.

Looking to get a mortgage for $400,000? You might wonder what your monthly payments will be – and whether you can afford them. Here’s a breakdown of what you might face monthly, in interest and over the life of a $400,000 mortgage.

Monthly payments on a $400,000 mortgage

At a 4.5% fixed interest rate, your monthly mortgage payment on a 25-year mortgage might total roughly $$2,223.33 a month, while a 10-year mortgage might cost approximately $4,145.54 a month.

Note that your monthly mortgage payments may differ slightly depending on the type of interest rate (fixed, variable, etc.), your mortgage term, payment frequency, taxes (such as CMHC insurance) and possible other fees.

Your total interest on a $400,000 mortgage

On a 25-year mortgage with a 4.5% fixed interest rate, you’ll pay roughly $266,998.97 in interest over the life of your mortgage. That’s almost half of what you borrowed in interest.

If you instead opt for a 10-year mortgage, you’ll pay approximately $97,464.36 in interest over the life of your mortgage — or less than half of the interest you’d pay on a 25-year mortgage.

Compare $400,000 mortgage lenders in Canada

1 - 3 of 3
Name Product Interest Rate (APR) Loan Term Min. credit score Provincial availability
Neo Mortgage
5.24%
5-year fixed rate
Varies
Not available in Quebec
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Homewise Mortgages
Varies
Varies
600
Not available in Quebec
Homewise's personal advisors can get you mortgage rates from over 30 banks and lenders.
BMO Mortgages
5.61%
5 Year Fixed Rate
Varies
All of Canada
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Amortization schedule for a $400,000 mortgage

What is amortization?

Your amortization period is the total number of years you have to pay off your mortgage.

When you take out a mortgage, you agree to pay the principal and interest over the life of the loan. Your interest rate is applied to your balance, and as you pay down your balance, the amount you pay in interest changes.

This means that at the beginning of your loan, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your balance.

Below, you can estimate your monthly mortgage repayments on a $400,000 mortgage at a 3% fixed interest rate with our amortization schedule over 10- and 25- years.

At a 3% fixed-rate over 10-years, you’d pay approximately $3,862.43 monthly. Over the course of a year, that’s a total of $46349.16 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$11,524$34,825$365,175
2$10,464$35,885$329,290
3$9,373$36,976$292,314
4$8,248$38,101$254,213
5$7,089$39,260$214,953
6$5,895$40,454$174,500
7$4,665$41,684$132,815
8$3,397$42,952$89,863
9$2,091$44,259$45,605
10$744$45,605$0

At a 3% fixed-rate over 25-years, you’d pay approximately $1,896.85 monthly. Over the course of a year, that’s a total of $22,762.20 in mortgage payments. In the table below, compare how much you would pay toward both interest and the principal amount each year.

YearTotal interest paidTotal principal paidRemaining balance
1$11,851$10,911$389,089
2$11,519$11,243$377,845
3$11,177$11,585$366,260
4$10,825$11,938$354,323
5$10,461$12,301$342,022
6$10,087$12,675$329,347
7$9,702$13,060$316,287
8$9,305$13,458$302,829
9$8,895$13,867$288,962
10$8,473$14,289$274,674
$8,039$14,723$259,950
12$7,591$15,171$244,779
13$7,130$15,633$229,147
14$6,654$16,108$213,039
15$6,164$16,598$196,441
16$5,659$17,103$179,338
17$5,139$17,623$161,715
18$4,603$18,159$143,556
19$4,051$18,711$124,844
20$3,482$19,280$105,564
21$2,895$19,867$85,697
22$2,291$20,471$65,226
23$1,668$21,094$44,132
24$1,027$21,735$22,397
25$366$22,397$0

Other mortgage amounts you might be interested in:

Bottom line

Buying a house is among the biggest investments you’ll make. Know how much you might pay each month on your $400,000 mortgage — including how much of your payment goes toward your interest over the principal — when shopping for a lender.

Learn more about how home loans work in our comprehensive guide to mortgages.

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