How much will CMHC loan insurance cost

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Reference no: EM132073989

Anusha and Naveen are planning to buy their first home. They have saved $30,000 and will withdraw the maximum from their RRSPs under the Home Buyers’ Plan. They will pay the cost of CMHC mortgage loan insurance separately. They estimate closing costs at $8,200 and will take a 25-year mortgage at a rate of 3.2%, compounded semi-annually, for a 3-year term. They will pay the mortgage monthly. The home they wish to buy costs $450,000.

How much of a mortgage loan will the couple need?

How much will CMHC loan insurance cost?

What will be the couple’s monthly mortgage payment and loan balance at the end of their term?

Reference no: EM132073989

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