Like every Canadian couple, Monir and Jackle carry quite a lot of debt, despite their high

income. Both lease their cars at a combined cost of $2,300 a month. Their recently-built

house carries a $1,000,000 mortgage at a rate of 2.4%, 5-year term, with monthly

payments over 25 years. Theirs was not a conventional mortgage, but a high-ratio

mortgage at a 90% loan-to-value ratio. Other monthly debt charges (line of credit, credit

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card, etc.) amount to $5,000 a month. Municipal taxes and heating costs amount to

$900 a month. They were First Time Home Buyers.

The couple chose to add the CMC mortgage loan insurance to their $1,000,000 fixed

rate mortgage. However, had they paid the insurance off up-front, how much total

interest would they have saved over 25 years?