The story has generated some interesting responses... how much interest would a 90 year mortgage cost you?
How much interest would you pay on a 90-year mortgage?
https://www.ratehub.ca/blog/how-much-int...-mortgage/
How much interest would you pay on a 90-year mortgage?
https://www.ratehub.ca/blog/how-much-int...-mortgage/
Quote:In Canada, the amortization period for new mortgages is capped at 25 and 30 years, depending on whether the borrower is considered high- or low-ratio, with a down payment below or above 20%. However, once the mortgage is on their books, lenders can take the liberty to extend it further if need be – even decades longer, reaching lengths of 70, 80, or 90 years. The trouble comes at renewal time when borrowers will need to return to their original amortization length, and will face considerably higher payments.
The financial impact of a 90-year mortgage
But what would be the financial impact if these borrowers actually had to carry a nearly century-long mortgage?
To illustrate how this would translate into dollars, Ratehub.ca crunched the numbers, based on a theoretical mortgage loan with a principal amount of $500,000, and mortgage rate of 5.80%.
![[Image: Interest-on-Long-Amortization-June-2023-scaled.jpg]](https://cms.ratehub.ca/wp-content/uploads/2023/07/Interest-on-Long-Amortization-June-2023-scaled.jpg)
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