CMHC Insurance Calculator
Estimate your CMHC mortgage default insurance premium in seconds — and see how it adds to your total mortgage when you put down less than 20%.
🇨🇦 CanadaHow this CMHC insurance calculator works
In Canada, any mortgage with a down payment of less than 20% is a high-ratio mortgage and must carry mortgage default insurance — most commonly through the Canada Mortgage and Housing Corporation (CMHC). This calculator takes your home price, subtracts your down payment to find the loan amount, then applies the CMHC premium rate that matches your down payment size.
The premium rate falls as your down payment grows. A down payment under 10% carries a 4.00% premium; 10% to 14.99% drops to 3.10%; and 15% to 19.99% lands at 2.80%. Once you reach 20% or more down, no insurance is required and the premium is zero. The premium is calculated on the loan amount (price minus down payment), not the full purchase price.
The premium is almost always added to your mortgage principal rather than paid in cash at closing, so it increases the total amount you borrow and the interest you pay over the life of the loan. That is why a slightly larger down payment — enough to cross into a lower premium band or past 20% — can save you thousands. Note that the minimum down payment in Canada is 5%; a purchase with less than that is not permitted.
Use this as a planning tool. Your actual premium depends on the insurer, the property type, your amortization period, and lender approval, and some provinces charge sales tax on the premium upfront. When you are ready, speak with a licensed Canadian mortgage professional for exact figures.
CMHC insurance questions
CMHC insurance — also called mortgage default insurance — protects the lender if a borrower with less than 20% down stops making payments. It is mandatory on high-ratio mortgages in Canada and lets buyers purchase with as little as 5% down. The premium is paid by the borrower but protects the lender.
The premium is a percentage of your mortgage amount (home price minus down payment), and the rate depends on your down payment size. Smaller down payments carry higher premium rates: 4.00% for under 10% down, 3.10% for 10%–14.99%, and 2.80% for 15%–19.99%. With 20% or more down, no insurance is required.
No. The premium is typically added to your mortgage principal and paid off over the life of the loan, so it increases your total mortgage balance and the interest you pay over time rather than being a lump sum at closing. You may, however, owe provincial sales tax on the premium upfront in some provinces.
The minimum is 5% on the first $500,000 of the purchase price, with 10% required on the portion above $500,000. A purchase with less than 5% down is not permitted. Putting down 20% or more lets you avoid CMHC insurance entirely.
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