You’re paying thousands to protect your lender — not yourself.

You’re paying thousands to protect your lender — not yourself. 1. Mortgage default insurance is legally required when your down payment is under 20%, and it protects the lender — not you — if you stop making payments. The premium runs between 2.8% and 4.0% of your mortgage amount and gets added directly to your loan balance. → 2.8%–4.0% 2. On a $495,000 mortgage with 10% down, that premium works out to $15,345 — and rolling it into your mortgage costs roughly $79 more every month in interest over the life of the loan. → $15,345 3. The good news: bumping your down payment from 5% to 10% on a $600,000 home saves you $6,060 in premiums — so even a small increase in your down payment makes a real difference. → $6,060 4. And since December 2024, first-time buyers can now choose a 30-year amortization on insured mortgages — not just 25 years — which lowers your monthly payment if you need breathing room. → 30-year Full breakdown with all premium tiers at the link 🌐 getwealthy.blog #CanadaFinance #PersonalFinance #CanadianMoney #MoneyTips #Canada