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If you live in Canada and are interested in purchasing a home, you will need to plug in a few numbers in order to determine how much your mortgage payments will be. If you are interested in purchasing a home for 300,000.00 Canadian dollars and are interested in taking out a loan for CAD 250,000.00 at a 5.000% interest rate for 30 years, you will be required to put down a CAD 75,000.00 down payment (required down payment is 25% of house list price for homes with prices below $400,000 and 35% if property costs more that that value). This means your monthly payment (principal and interest only) will be CAD 1,334.23. Your total payments will be CAD 480,316.13 for the life of the loan. This means you will pay CAD 230,321.61 in interest.
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