Canadians taking out a CMHC-insured loan to buy a home face higher costs as of March 17. Here’s a look at how the changes announced Tuesday by Canada Mortgage and Housing Corp. will affect new borrowers:
Down payment between five and 9.99 per cent:
Loan: $250,000
Increase to monthly mortgage payment: $4.70
Additional costs over 25-year amortization: $1,411
—-
Loan: $450,000
Increase to monthly mortgage payment: $8.47
Additional costs over 25-year amortization: $2,539
—
Loan: $850,000
Increase to monthly mortgage payment: $15.98
Additional costs over 25-year amortization: $4,796
———————————————————
Down payment between 10 and 14.99 per cent:
Loan: $250,000
Increase to monthly mortgage payment: $8.23
Additional costs over 25-year amortization: $2,468
—
Loan: $450,000
Increase to monthly mortgage payment: $14.81
Additional costs over 25-year amortization: $4,443
—
Loan: $850,000
Increase to monthly mortgage payment: $27.98
Additional costs over 25-year amortization: $8,393
————————————————————
Down payment between 15 and 19.99 per cent:
Loan: $250,000
Increase to monthly mortgage payment: $11.75
Additional costs over 25-year amortization: $3,526
—
Loan: $450,000
Increase to monthly mortgage payment: $21.16
Additional costs over 25-year amortization: $6,347
—
Loan: $850,000
Increase to monthly mortgage payment: $39.96
Additional costs over 25-year amortization: $11,989
———
(The figures above are provided by CMHC and RateSpy.com, and are based on a five-year fixed rate term at 2.94 per cent with a 25-year amortization period.)
The Canadian Press
