Your down payment is 20% or more — no CMHC insurance needed.
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Enter the home purchase price and your down payment. The calculator instantly shows your loan-to-value ratio, CMHC premium rate, premium dollar amount, and total mortgage including insurance. Adjust either value to compare scenarios \u2014 see how a larger down payment reduces or eliminates the premium.
CMHC mortgage default insurance is mandatory in Canada when your down payment is less than 20% of the purchase price. It protects the lender if you default. The premium is calculated as a percentage of the loan amount and is typically added to your mortgage.
On a $500,000 home with a 5% down payment ($25,000), the loan amount is $475,000. The CMHC premium rate at 95% loan-to-value is 4.0%, so the premium is $19,000. Your total mortgage would be $494,000.
You do not need CMHC insurance when your down payment is 20% or more of the purchase price (loan-to-value of 80% or less). Conventional mortgages with 20%+ down do not require mortgage default insurance.
Yes. The CMHC premium is typically added to your mortgage amount and paid off over the life of the loan. You can also pay it upfront in cash at closing. Adding it to the mortgage means you pay interest on the premium over the amortization period.
This CMHC Mortgage Insurance Calculator helps Canadian home buyers estimate their mortgage default insurance premium. Enter the purchase price and down payment to instantly see your loan-to-value ratio, premium rate, dollar amount, and total mortgage including insurance. CMHC insurance is mandatory in Canada when your down payment is less than 20% of the purchase price.
CMHC mortgage default insurance is mandatory in Canada when your down payment is less than 20% of the purchase price. It protects the lender if you default. The premium is calculated as a percentage of the loan amount and is typically added to your mortgage.
On a $500,000 home with a 5% down payment ($25,000), the loan amount is $475,000. The CMHC premium rate at 95% loan-to-value is 4.0%, so the premium is $19,000. Your total mortgage would be $494,000.
You do not need CMHC insurance when your down payment is 20% or more of the purchase price (loan-to-value of 80% or less). Conventional mortgages with 20%+ down do not require mortgage default insurance.
Yes. The CMHC premium is typically added to your mortgage amount and paid off over the life of the loan. You can also pay it upfront in cash at closing. Adding it to the mortgage means you pay interest on the premium over the amortization period.
Estimates only. Not tax, financial, or legal advice. Full disclaimer · Terms