Difference In Total Interest Fees Between 25- And 30-Year Mortgage 'Astronomical'

Buying a home was always a big life event for most Canadians. In this economy, it’s an even bigger feat to call yourself a homeowner – even if you are among the large number of '90s babies with

But it’s not only first-time homebuyers who can opt for 30-year mortgages; Canadians can still obtain a 30-year mortgage by making at least a 20% down payment or opting for an uninsured mortgage. This longer term has become an increasingly attractive option in a housing market characterized by climbing prices in recent years.

As the report highlights, Vancouver’s March 2024 benchmark price of $1,196,800 is the highest in the country, which brings the total mortgage to $957,440. This means, with a 25-year mortgage, Vancouver homeowners will pay $6,818 per month in mortgage payments and $848,681 in interest over the life of the mortgage. Those with a 30-year mortgage will pay $6,238 per month in mortgage payments and $1,048,861 in interest.

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