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As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan. Other factors also need to be taken into consideration, such as your taxes, your insurance, and your condo fees, all of which are included in your monthly house payment. Just as an example, let’s say you are borrowing CAD 250,000.00 for 30 years with an interest rate of 5.000%. If the value of your home is CAD 300,000.00, your property taxes CAD 3,000.00 per year and your insurance is CAD 0.00 per year, you can expect to be making a total payment of CAD 1,584.23. This is because you need to pay CAD 1,334.23 toward the actual loan, plus CAD 250.00 for real estate taxes and CAD 0.00 toward insurance.
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