🇨🇦 CMHC Insurance
Canadian mortgage default insurance premium
About this calculator
Put less than 20 percent down in Canada and you need CMHC mortgage default insurance. Enter the home price and your down payment percentage, and the calculator applies the current premium schedule — 2.80 to 4.00 percent of the mortgage depending on loan-to-value — showing the premium added to your mortgage and its effect on payments.
The premium is a percentage of the mortgage amount that rises as your down payment shrinks: 80 percent loan-to-value pays 2.80 percent, while 95 percent pays 4.00 percent. It is added to the principal, so you pay interest on it too — and PST on the premium itself is due at closing in most provinces.
Tip: If you are close to 20 percent down, run the numbers both ways — scraping together a slightly bigger down payment can save thousands in premiums.