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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 150,000.00 Canadian dollars and are interested in taking out a loan for $120,000.00 at a 6.000% interest rate for 30 years, you will be required to put down a $37,500.00 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 $713.79. Your total payments will be $256,960.21 for the life of the loan. This means you will pay $136,963.72 in interest.
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