Newspaper article The Canadian Press

By the Numbers: A Look at How Much More It Will Cost to Take out a CMHC Loan

Newspaper article The Canadian Press

By the Numbers: A Look at How Much More It Will Cost to Take out a CMHC Loan

Article excerpt

By the numbers: A look at new CMHC costs

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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

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Loan: $450,000

Increase to monthly mortgage payment: $8.47

Additional costs over 25-year amortization: $2,539

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Loan: $850,000

Increase to monthly mortgage payment: $15.98

Additional costs over 25-year amortization: $4,796

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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

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Loan: $450,000

Increase to monthly mortgage payment: $14. …

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