QUÉBEC MORTGAGE GUIDE
25-year versus 30-year mortgage amortization in Québec
Repayment of principal is spread over a longer period. At the same principal and rate, periodic payments are normally lower. However, the balance declines more slowly, increasing total interest if the rate stays unchanged. Compare payments, five-year renewal balance and interest together.
Use these explanations to compare scenarios in our calculator without registering. Estimates are not lending offers or binding mortgage terms.
Why does a 30-year amortization lower the payment?
Repayment of principal is spread over a longer period. At the same principal and rate, periodic payments are normally lower. However, the balance declines more slowly, increasing total interest if the rate stays unchanged. Compare payments, five-year renewal balance and interest together.
Who is eligible for a 30-year insured mortgage?
CMHC permits certain insured mortgages amortized over 30 years for eligible first-time homebuyers or buyers of newly constructed homes, subject to applicable criteria. An additional premium may apply. Uninsured mortgages follow different rules.
Compare the same assumptions
Keep principal, interest rate, term and payment frequency identical, then change only the amortization from 25 to 30 years. A lower payment may help cash flow, but total projected interest must also be considered.
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A practical comparison to make
The longer amortization generally reduces payments but leaves a larger balance at the end of a five-year term. Insured 30-year mortgages are subject to specific eligibility rules, including qualifying first-time buyers or new builds.
Check the free mortgage calculator with your own figures. Its optional homeownership-budget section also allows you to enter taxes, insurance and condo fees without sending data to a server.
Example: $400,000 over 25 or 30 years
| Metric | 25 years | 30 years |
|---|---|---|
| Monthly payment | $2,213.89 | $2,016.86 |
| Balance after five years | $351,185.55 | $364,401.22 |
| Full-amortization interest* | $264,167.55 | $326,070.40 |
*Theoretical projection assuming the same rate for 25 or 30 years, not a forecast of future renewal rates. Insured 30-year mortgages have additional eligibility requirements.
Computed with the same Canadian semiannual-compounding engine as Isabelle’s calculator; figures are rounded to cents.