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Today: 17.01.2018 - 14:46:26
   Canada Mortgage Hub Discussion Board -> Mortgage Montreal -> How much down payment need to buy an apartment in montreal canada?
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rgemmet

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How much down payment need to buy an apartment in montreal canada?
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Canada mortage
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renie

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The minimum down payment in Canada is 5%, with the typical down payment ranging from 5%-20% of the home price. On July 9th 2012, home prices over $1 million will require a minimum 20% down. At a 20% downpayment, default insurance is not required.The rest of your question is incomplete so you'll need to go on-line and use a mortgage calculator. To help you get started here are a couple of scenarios on an apartment valued at $300,000 with a mortgage amortized over 30 years at a rate of 5%Scenario A:Home price: $300,000Down payment: $25,000CMHC insurance: $5,500Total mortgage: $280,500Monthly mortgage payment: $1,631Total payments over 25 years: $489,446Scenario BHome price: $300,000Down payment: $40,000CMHC insurance: $4,550Total mortgage: $259,463Monthly mortgage payment: $1,539Total payments over 25 years: $461,616
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