CMHC Insurance Calculator

Mortgage loan insurance is required by lenders when the homebuyer's down payment is less than 20% of the purchase price of a property. Mortgage loan insurance protects lenders against the risk of mortgage default, and enables homebuyers to purchase homes with a minimum down payment starting as low as 5%. With mortgage insurance, homebuyers can secure interest rates comparable to those with a 20% down payment. The minimum down payment is calculated as a percentage of the purchase price of your home, and increases from 5% to 10% for any amount over $500,000. Only properties with a purchase price of less than $1,000,000 can qualify for mortgage loan insurance.

The amount of mortgage insurance you will need to pay is determined by the size of your mortgage and how much money you put down. This insurance premium can be paid in a single lump sum, or can be incorporated into your mortgage and included in your monthly mortgage payments.