Canada extends 25-year mortgages to 90-years… Difference in interest paid for 25-year and 90-year mortgages: $448,196 vs $2,124,469, respectively.

In Canada, some 25-year mortgages are being extended to 90-years.
 
Here’s the difference in interest paid with a $500,000 mortgage and 5.80% rate:
 
-25 year mortgage: $448,196
 
-90 year mortgage: $2,124,469
 
🥴 pic.twitter.com/F3OMBbsMs7

— Genevieve Roch-Decter, CFA (@GRDecter) August 11, 2023

https://t.co/STTij43EvE

— Genevieve Roch-Decter, CFA (@GRDecter) August 11, 2023