Thinking about a 30-year mortgage to ease your monthly payments? There’s more to it than meets the eye. Earlier this year, Canada extended mortgage terms to 30 years from 25 to help first-time homebuyers, potentially saving them around $200 a month (on a $400,000 loan). Sounds good, right? Sure, but there are some conditions. To qualify, the home must be new and cost less than $1 million, and you have a down payment under 20%. Finding a new home under a million bucks is tough, especially in big Canadian cities, where typically only condos fit the bill. If you were able to find an eligible home, your costs wouldn’t stop there. Unlike resale homes, you have to pay GST/HST on top of the purchase price of a newly built home in Canada. That price varies by province, but in Ontario, you’ll pay 13% on top of the sale price, meaning an extra $65,000 on a $500,000 home (though there is a rebate to get some of that money back). Still — even if all of that is made up by the money saved on the 30-year mortgage, there’s one more catch. Recently, the Canada Mortgage and Housing Corporation announced a 0.2% increase in insurance premiums for these mortgages, aimed at protecting lenders in case of mortgage default. So, before you get excited about a shiny new mortgage, be sure to read the fine print.