How much interest would I pay on an $800,000 mortgage?

Looking to get a mortgage for $800,000? You might wonder how much your monthly repayments will cost you – and whether you can afford them. Here’s a breakdown of what an $800,000 mortgage payment might cost per month and over its lifetime.

Monthly payments on an $800,000 mortgage

At a 4.5% fixed interest rate, your monthly mortgage payment on a 25-year mortgage might total $4,427.78 a month, while a 15-year might cost roughly $6,102.94 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.

• See your monthly payments by interest rate.

  Interest	Mortgage term	Monthly payments
  2.5%	15 years	$5,329.45
  2.5%	25 years	$3,583.73
  2.75%	15 years	$5,423.03
  2.75%	25 years	$3,684.09
  3.0%	15 years	$5,517.51
  3.0%	25 years	$3,785.96
  3.25%	15 years	$5,612.88
  3.25%	25 years	$3,889.33
  3.5%	15 years	$5,709.15
  3.5%	25 years	$3,994.16
  3.75%	15 years	$5,806.29
  3.75%	25 years	$4,100.45
  4.0%	15 years	$5,904.31
  4.0%	25 years	$4,208.16
  4.25%	15 years	$6,003.20
  4.25%	25 years	$4,317.28
  4.5%	15 years	$6,102.94
  4.5%	25 years	$4,427.78
  4.75%	15 years	$6,203.55
  4.75%	25 years	$4,539.64
  5.0%	15 years	$6,304.99
  5.0%	25 years	$4,652.84
  5.25%	15 years	$6,407.27
  5.25%	25 years	$4,767.34
  5.5%	15 years	$6,510.38
  5.5%	25 years	$4,883.13

Your total interest on an $800,000 mortgage

On a 25-year mortgage with a 4.5% fixed interest rate, you’ll pay roughly $528,335.09 in interest over the life of your mortgage. That’s more than half of what you borrowed in interest.

If you instead opt for a 15-year mortgage, you’ll pay roughly $298,530.05 in interest over the life of your mortgage — or just over half of the interest you’d pay on a 25-year mortgage.

• See how much you'd pay in total interest based on the interest rate.

  Interest	Mortgage term	Total interest charged
  2.5%	15 years	$159,300.75
  2.5%	25 years	$275,118.95
  2.75%	15 years	$176,144.91
  2.75%	25 years	$305,227.49
  3.0%	15 years	$193,151.29
  3.0%	25 years	$335,789.20
  3.25%	15 years	$210,318.76
  3.25%	25 years	$366,798.31
  3.5%	15 years	$227,646.14
  3.5%	25 years	$398,248.80
  3.75%	15 years	$245,132.23
  3.75%	25 years	$430,134.37
  4.0%	15 years	$262,775.77
  4.0%	25 years	$462,448.49
  4.25%	15 years	$280,575.49
  4.25%	25 years	$495,184.39
  4.5%	15 years	$298,530.05
  4.5%	25 years	$528,335.09
  4.75%	15 years	$316,638.11
  4.75%	25 years	$561,893.40
  5.0%	15 years	$334,898.28
  5.0%	25 years	$595,851.96
  5.25%	15 years	$353,309.14
  5.25%	25 years	$630,203.24
  5.5%	15 years	$371,869.24
  5.5%	25 years	$664,939.56

Compare $800,000 mortgage lenders in Canada

Amortization schedule

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

When you sign on for a mortgage, you agree to pay the principal amount and the interest over the life of the mortgage. Your interest rate is applied to your principal amount, and as you pay down your principal amount, the amount you pay in interest changes. Amortization means that at the beginning of your mortgage, a big percentage of your payment is applied to interest. With each subsequent payment, you pay more toward your principal amount and less toward interest.

Below, you can estimate your monthly mortgage repayments on a $800,000 mortgage at a 3% fixed interest rate with our amortization schedule over 15- and 25- years.

• 15-year mortgage
• 25-year mortgage

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