Calculators
Rates as of
CMHC mortgage insurance calculator
The short answer
With less than 20% down, a Canadian mortgage must carry default insurance. The premium is 0.6% to 4% of the mortgage depending on your down payment, is added to the mortgage, and in Ontario carries 8% PST that you pay in cash at closing. Homes priced at $1,500,000 or more cannot be insured.
Insurance premium
$24,400
The premium is added to the mortgage. Ontario charges 8% PST on it, payable in cash at closing.
Premium schedule as published by CMHC. Estimate only, not financial advice.
Examples
Premiums at the minimum down payment and at 10% and 15% down
| Price | Minimum down | Premium at minimum | Premium at 10% down | Premium at 15% down |
|---|---|---|---|---|
| $400,000 | $20,000 | $15,200 | $11,160 | $9,520 |
| $600,000 | $35,000 | $22,600 | $16,740 | $14,280 |
| $800,000 | $55,000 | $29,800 | $22,320 | $19,040 |
| $1,000,000 | $75,000 | $37,000 | $27,900 | $23,800 |
| $1,400,000 | $115,000 | $51,400 | $39,060 | $33,320 |
Questions
Questions
When do I need CMHC insurance?
When your down payment is less than 20% of the price. With 20% or more down, insurance is not required.
Can I add the PST to my mortgage?
No. The premium is added to the mortgage, but Ontario's 8% PST on it must be paid in cash at closing.
Does a 30-year amortization cost more?
Yes. Eligible first-time buyers and buyers of new builds can take a 30-year insured amortization, and the premium rate rises by 0.2 percentage points.
Related
Keep planning
Sources
Where the rates come from
- Mortgage loan insurance premiums — CMHC
- Retail sales tax on insurance and benefits plans (8%) — Government of Ontario
- Down payment — Financial Consumer Agency of Canada
- Boldest mortgage reforms in decades come into force today — Department of Finance Canada (Dec 15, 2024)
