How to use the CMHC Insurance Calculator
- 1 Enter the home price and your down payment.
- 2 Choose a 25-year or 30-year amortization.
- 3 Choose your province.
- 4 Read the premium, the total mortgage with the premium and any sales tax due at closing.
Worked example
A $600,000 home with $60,000 down (10%). The mortgage is $540,000 and the premium rate is 3.10%, so the premium is $16,740, giving a mortgage of $556,740. In Ontario, 8% sales tax on the premium, $1,339.20, is paid at closing. With a 30-year amortization the rate would be 3.30%.
Features
Current premium rates
4.00% with 5% to 9.99% down, 3.10% with 10% to 14.99% and 2.80% with 15% to 19.99%.
Minimum down payment check
5% of the first $500,000 plus 10% of the rest, up to the $1.5 million limit.
Sales tax on the premium
Ontario, Quebec, Saskatchewan and Manitoba charge provincial sales tax on the premium, paid at closing.
When to use it
First home
See how much insurance adds to a small down payment mortgage.
Saving a bigger down payment
Compare 5%, 10% and 15% down to see how the premium falls.
30-year amortization
Check the extra cost of the 0.20% surcharge for a longer amortization.
Closing costs
Remember the sales tax on the premium must be paid in cash.
Frequently asked questions
When is CMHC insurance required?
When your down payment is less than 20% of the purchase price on a home under $1.5 million. It protects the lender, not you.
How much is the premium?
4.00% of the mortgage with 5% to 9.99% down, 3.10% with 10% to 14.99% down and 2.80% with 15% to 19.99% down.
Who can get a 30-year amortization?
First-time buyers and buyers of newly built homes, since 15 December 2024. It adds 0.20% to the premium.
Is the premium added to the mortgage?
Usually yes, so you pay interest on it. The provincial sales tax on the premium cannot be added and is paid at closing.
What is the minimum down payment?
5% of the first $500,000 and 10% of any amount above that, for homes under $1.5 million.
Are Sagen and Canada Guaranty different?
They are private mortgage insurers with similar premium rates; your lender chooses the insurer.
Can I cancel the insurance later?
No. Mortgage default insurance is a one-time premium for the life of the mortgage. It does not need to be renewed, and it can often be transferred if you port the mortgage.
Does a bigger down payment always help?
Yes. Moving from 9% to 10% down, or from 14% to 15%, drops the premium rate to the next band, which can save thousands of dollars on the same home.
Is the premium the same in every province?
The rates are the same across Canada. Only the provincial sales tax on the premium differs by province.
Results are estimates based on the official rates linked above. Confirm important figures with the issuing authority or a qualified adviser before you act on them.
Reviewed by ToolsUnlocked Team · Last updated