Pick what fits you best. It is free, with no obligation.
Calculate your exact mortgage default insurance premium using the official CMHC rate table. See how much is added to your mortgage, how much PST you owe in cash at closing, and exactly how it affects your monthly payment.
We've pre-loaded this property's price into the calculator below. Scroll down to see your full breakdown — calculated live from this listing's actual price.
Want this scenario emailed to you with a free pre-approval readiness check? (Recommended — easiest way to compare with your partner or a mortgage advisor.) Drop your email below, close this card, and scroll down for the live numbers.
| Loan-to-Value Ratio | Your Down Payment | Premium Rate | Your Premium |
|---|
Mortgage default insurance — commonly called CMHC insurance — is legally required in Canada whenever your down payment is less than 20% of the purchase price and the home is $1,500,000 or less. It protects the lender (not you) if you stop making mortgage payments. Because lenders are protected, they can offer lower interest rates to high-ratio borrowers.
The premium is added to your mortgage balance — you don't pay it as cash at closing. However, if you live in Ontario, Quebec, or Saskatchewan, your province charges PST/QST on the premium, and that tax must be paid in cash through your lawyer on closing day. It cannot be added to your mortgage.
As of December 15, 2024, insured mortgages are available for homes priced up to $1,500,000 (up from $1,000,000). First-time buyers and buyers of new construction may qualify for a 30-year amortization — the standard maximum is 25 years. The 30-year option carries a 0.20% surcharge on the premium rate, as confirmed by CMHC effective August 1, 2024.
Run the numbers before you buy, sell, or invest — estimate payments, taxes, affordability, and potential returns in seconds.
With 10% down on a $650,000 home the CMHC premium is 3.10% of the $585,000 mortgage, about $18,100, which is added to your mortgage. Insurance is required when you put down less than 20%.
The premium is a percentage of the mortgage based on your loan-to-value: 0.60% (up to 65%), 1.70%, 2.40%, 2.80%, 3.10% and 4.00% (90.01 to 95%). Amortizations over 25 years add 0.20%. Ontario, Quebec and Saskatchewan charge sales tax on the premium, payable in cash at closing. Insured purchases must be under $1.5 million.
Reviewed November 2026 by the mortgage team at Top Mortgages Inc. Figures are estimates for general information. They are not a quote, an approval or financial advice, and lenders set their own final terms.
From 0.60% to 4.00% of the mortgage amount depending on your down payment, plus 0.20% for amortizations over 25 years. It is added to the mortgage and paid over time.
Yes, whenever your down payment is under 20% of the price. Homes of $1.5 million or more need 20% down, so they cannot be insured.
Yes, by putting 20% or more down. Some insurers (CMHC, Sagen, Canada Guaranty) are interchangeable for borrowers, so the rates are nearly the same.
It is not refundable. Premium sales tax in Ontario, Quebec and Saskatchewan must be paid at closing and cannot be added to the mortgage.
A calculator gives an estimate. A licensed mortgage professional can tell you what you actually qualify for, at no cost, and your credit is not checked to start.
Start my application Call (289) 513-3328