CMHC Insurance Calculator
Mortgage default insurance for Canadian homebuyers
If your down payment is less than 20%, you'll need mortgage default insurance from CMHC, Sagen, or Canada Guaranty. This calculator helps you understand the cost and whether saving for a larger down payment makes sense.
2024-2025 CMHC Premium Rates
5% - 9.99%
4%
10% - 14.99%
3.1%
15% - 19.99%
2.8%
20%+
None
Your Purchase Details
CMHC insurable limit: $1,000,000 (higher limits may apply for some locations)
5%10%15%20%+
Scenario Comparison
5% - 9.99% Down4% premium
Down Payment
$32,500
CMHC Premium
$24,700
Monthly
$3,944
10% - 14.99% Down3.1% premium
Down Payment
$65,000
CMHC Premium
$18,135
Monthly
$3,704
15% - 19.99% Down2.8% premium
Down Payment
$97,500
CMHC Premium
$15,470
Monthly
$3,488
20%+ DownNO CMHC
Down Payment
$130,000
CMHC Premium
$0
Monthly
$3,193
CMHC Insurance Required
10% down payment
Down Payment
$65,000
Base Mortgage
$585,000
CMHC Premium (3.1%)
$18,135
Added to your mortgage principal
Total Mortgage
$603,135
Monthly Payment
$3,704/mo
True Cost of CMHC Insurance
Premium + Extra Interest$33,600
Extra Monthly Cost$112/mo
To Avoid CMHC Insurance
You need an additional $65,000 to reach 20% down.
At 20% down:
• No CMHC premium (save $18,135)
• Monthly payment: $3,193
• Option for 30-year amortization
Important CMHC Rules
- • Maximum amortization with CMHC: 25 years (30 years only with 20%+ down)
- • Maximum purchase price: $1,000,000 (may vary by location)
- • Premium is added to your mortgage and financed over the term
- • Insurance protects the lender, not you
- • First-time buyers may have access to special programs