CMHC Insurance Calculator Canada
Check the minimum down payment and plan a Canadian mortgage loan insurance premium.
The fixed-rate sample payment uses Canadian semi-annual interest compounding and excludes property tax, home insurance, condo fees, and any provincial tax on the premium that may be due upfront.
Premium rates by down payment
The rate applies to the mortgage before the insurance premium is added.
| Down payment | Premium rate |
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How to use the calculator
Enter the purchase price and down payment in Canadian dollars. Interest rate and amortization are used only for the sample payment. The result first checks price and minimum down payment, then shows the premium, rate, and mortgage with the premium added.
When mortgage loan insurance applies
With less than 20% down, regulated lenders require mortgage default insurance for many purchases. CMHC is one provider; Sagen and Canada Guaranty also offer approved products. The calculator does not predict which provider a lender will use.
Minimum down payment and price limit
The minimum is 5% on the first CAD 500,000 of the price and 10% on the portion above it. At CAD 1.5 million or more, the standard insured model represented here is unavailable and at least 20% down is required.
Example
At a CAD 600,000 purchase price with CAD 60,000 down, the mortgage before premium is CAD 540,000. A 90% loan-to-value ratio produces a standard 3.10% rate and CAD 16,740 premium. Adding it results in CAD 556,740.
Adding the premium and provincial tax
The insurance premium can generally be added to the mortgage, increasing principal and interest costs. Provincial sales tax on the premium may instead be due directly at closing. That tax is not included in the result.
What the calculator does not test
Borrower, income, credit, property type, occupancy, purchase contract, 30-year amortization, and individual insurance programs may add conditions. The stress test, closing costs, and ongoing housing expenses must also be assessed separately.