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
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(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