Taking 30 years instead of 25 years to repay an average mortgage

Calculations are based on a home price of $649,096 (the national average in Canada for August, 2024), a 10-per-cent down payment and a five-year fixed mortgage rate of 4.09 per cent (the best available as of Sept. 16, 2024 on Ratehub.ca). Please note that the calculation of overall mortgage charges assumes that borrowers maintain the same interest rate over the life of the mortgage instead of renegotiating it every few years at the end of each mortgage term, as they would do in real life.