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
For local news delivered daily to your email inbox, subscribe for free to the Lethbridge News Now newsletter here. You can also download the Lethbridge News Now mobile app in the Google Play and the Apple App Stores.
