A look at how much more it will cost to take out a CMHC loan

Canadians taking out a CMHC-insured loan to buy a home face higher costs as of March 17.

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

Loan: $450,000

Increase to monthly mortgage payment: $8.47

Loan: $850,000

Increase to monthly mortgage payment: $15.98

Down payment between 10 and 14.99 per cent:

Loan: $250,000

Increase to monthly mortgage payment: $8.23

Loan: $450,000

Increase to monthly mortgage payment: $14.81

Loan: $850,000

Increase to monthly mortgage payment: $27.98

Down payment between 15 and 19.99 per cent:

Loan: $250,000

Increase to monthly mortgage payment: $11.75

Loan: $450,000

Increase to monthly mortgage payment: $21.16

Loan: $850,000

Increase to monthly mortgage payment: $39.96

MMM

(The figures above are provided by CMHC and are based on a five-year fixed rate term at 2.94 per cent with a 25-year amortization period.)

– By THE CANADIAN PRESS


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