About the CMHC Insurance Calculator
This CMHC insurance calculator works out the mortgage default insurance premium you pay in Canada when your down payment is less than 20% of the purchase price. It finds your loan-to-value ratio, applies the CMHC premium rate for that band (2.80% up to 85% LTV, 3.10% up to 90% and 4.00% up to 95%), adds the premium to your mortgage and shows the monthly payment on the insured amount.
It also applies the rules that decide whether you can get an insured mortgage at all: the federal minimum down payment of 5% on the first $500,000 and 10% on the portion up to $1.5 million, and the $1.5 million price limit (homes at or above it need 20% down). Choosing a 30-year amortization, available on insured mortgages to first-time buyers and buyers of new builds, adds a 0.20% premium surcharge.
In Ontario, Quebec and Saskatchewan the premium is subject to provincial sales tax, which cannot be added to the mortgage and must be paid in cash at closing — the calculator adds it to your closing cash. Sagen and Canada Guaranty, the private insurers, generally charge the same standard rates as CMHC.
With the default inputs, the cmhc insurance premium is $16,740.00. Change any value above to recalculate instantly.
How to use the cmhc insurance calculator
- 1Enter the purchase price and your down payment.
- 2Choose your province so any sales tax on the premium is included.
- 3Pick the amortization — 30 years adds a 0.20% surcharge.
- 4Turn on the non-traditional option if your down payment is borrowed.
- 5Review the premium, total mortgage, closing cash and monthly payment.
Formula and method
The loan-to-value ratio is the mortgage before insurance divided by the purchase price. The premium rate comes from the CMHC homeowner table for that LTV band and is charged on the whole loan, not just the part above 80%. A 0.20% surcharge applies when the amortization is longer than 25 years. The premium is added to the mortgage, so the monthly payment is calculated on the loan plus premium.
The payment uses Canadian semi-annual compounding: the monthly rate is (1 + annual rate ÷ 2)^(1/6) − 1. Provincial sales tax on the premium (8% in Ontario, 9% in Quebec, 6% in Saskatchewan) cannot be financed and is shown as cash needed at closing alongside your down payment.
- LTV
- Loan-to-value ratio before the premium
- rate(LTV)
- CMHC premium rate for the LTV band
- PST
- Provincial sales tax on the premium, payable at closing
Worked examples
$600,000 home in Ontario with 10% down
A $60,000 down payment leaves a $540,000 loan at 90% LTV, so the 3.10% rate applies: $16,740 is added to the mortgage. Ontario’s 8% tax on the premium, $1,339.20, is paid at closing. The $556,740 mortgage costs about $3,081 a month at 4.5% over 25 years.
$450,000 first home with 5% down over 30 years
The minimum 5% down gives a $427,500 loan at 95% LTV. The 4.00% rate plus the 0.20% 30-year surcharge makes 4.20%, or $17,955. In a province without tax on the premium nothing extra is due at closing.
$900,000 home in Quebec with the minimum down
The minimum down payment is 5% of $500,000 plus 10% of $400,000 = $65,000, leaving an $835,000 loan at 92.78% LTV. The 4.00% premium is $33,400, and Quebec’s 9% tax adds $3,006 payable at closing.
Frequently asked questions
How much is CMHC insurance?+
For a purchase it is 2.80% of the loan with 15% to 19.99% down, 3.10% with 10% to 14.99% down and 4.00% with 5% to 9.99% down (4.50% if the down payment is borrowed). An amortization longer than 25 years adds 0.20%.
Do I have to pay the CMHC premium upfront?+
No. The premium is normally added to your mortgage and repaid with interest over the amortization. Only the provincial sales tax on the premium, charged in Ontario, Quebec and Saskatchewan, must be paid in cash when the mortgage closes.
Can I get CMHC insurance on a home over $1.5 million?+
No. Insured mortgages are only available on homes priced below $1.5 million. At $1.5 million or more you need at least a 20% down payment and the mortgage is uninsured.
Is CMHC insurance refundable?+
The premium is not refunded if you sell or pay off the mortgage, but it can sometimes be ported to a new home. CMHC also offers a partial premium refund of up to 25% for qualifying energy-efficient homes.
Is the premium charged on the whole mortgage or just the part above 80%?+
On the whole loan amount. A $500,000 loan at 90% LTV pays 3.10% of $500,000 — $15,500 — which is why even a small increase in down payment that crosses a band can save thousands.
Results are estimates for educational purposes and are not financial advice. Rates, fees and terms vary — confirm with your lender or a licensed advisor before making decisions.