> So how can a Canadian mortgage (or series of them in 5 year increments) be paid off in 30 years just like a US mortgage, if the monthly payments are much less

> So how can a Canadian mortgage (or series of them in 5 year increments) be paid off in 30 years just like a US mortgage, if the monthly payments are much less each month? When you presented your US numbers above, your "X year US mortgage" both fixed the interest rate for X years and set the amortization period as X years. Canadian mortgages don't do that. Canadian mortgages fix the interest rate for X years, but the payments are set for a Y-year amortization schedule (Y>X). If you go to a US banker and ask for a 5-year mortgage, they'll think you want your house paid off entirely at the end of 5 years, and you'll pay a hefty portion of the principal each month. If you walk into a Canadian bank with the same request, they'll be happy to quote you 5-year mortgages with an arbitrary amortization period in the 5-25 year range.