Estimate your CMHC mortgage default insurance premium, see down payment thresholds, and understand your next savings opportunity.
Canada only · CMHC premium rates · Down payment eligibility
CMHC Insurance Details
Property
7.7% of purchase price
Buyer Status
CMHC Insured
Total Mortgage with Premium
$624,000
+ $24,000 CMHC premium added
See how to reduce your CMHC premium.
Insurance Cost
CMHC Premium Impact
Premium comparison
CMHC Premiums by Down Payment
Estimated CMHC premium on $650,000 at each down payment level
7.5% down
$24K
FinCalc Smart AI CMHC Insurance Analysis
CMHC Status
Insured
Mortgage default insurance applies
CMHC mortgage default insurance applies.
CMHC mortgage default insurance applies at 4.00% on the $600,000 base mortgage. The $24,000 premium is added to the mortgage balance and amortized over the full term.
Extra Down Payment Needed
$15,000
to reach 10% and reduce the premium
10% down
Reaching 10% in this scenario could reduce the estimated premium from $24,000 to $18,135 — a difference of $5,865.
15% down — $47,500 more · saves $8,530
20% down (no premium) — $80,000 more · saves $24,000
Estimates based on entered inputs. Actual results may vary.
Eligibility Check
Insured at 4.00%
A 7.7% down payment falls in the 5%–9.99% bracket. CMHC insurance applies at 4.00%.
Premium Impact
$24,000 added to mortgage balance
The 4.00% premium on $600,000 adds $24,000 to the balance, bringing the total financed amount to $624,000.
Down Payment Thresholds
5%–9.99% bracket — 4.00% rate
CMHC premium rates drop at the 10%, 15%, and 20% down payment thresholds. Reaching 20% eliminates the premium entirely. Reaching the next threshold in this scenario could reduce the estimated premium by $5,865.
Insurance Summary
Purchase Price
$650,000
Down Payment
$50,0007.7%
CMHC Premium
$24,000
Total Mortgage
$624,000
Canada only. Estimates only. Results are based on the purchase price and down payment entered, using current displayed CMHC premium rates. Not included: provincial sales tax that may apply to the CMHC premium (CMHC currently identifies Ontario, Quebec and Saskatchewan — confirm current treatment with your lender or insurer); lender underwriting; affordability qualification; interest rates; closing costs. Verify with your lender or CMHC before making financial decisions.
The CMHC premium rate depends on your down payment percentage. Rates apply to the base mortgage amount (purchase price minus down payment) and are added to your loan balance.
| Down Payment % | CMHC Premium Rate | Example on $600K home |
|---|---|---|
| 5% – 9.99% | 4.00% | $22,800 on $570K mortgage |
| 10% – 14.99% | 3.10% | $16,740 on $540K mortgage |
| 15% – 19.99% | 2.80% | $14,280 on $510K mortgage |
| 20% or more | None | $0 — conventional mortgage |
The federal minimum down payment in Canada is tiered by purchase price:
The CMHC premium is not paid upfront at closing (except for the provincial sales tax portion in applicable provinces). Instead, it is added directly to your mortgage balance and amortized over your full amortization period at your contracted interest rate. This means the actual cost of the premium over time is higher than the face value — for example, a $20,000 premium on a 25-year mortgage at 5.50% adds roughly $35,000 in total principal and interest payments.
As of December 15, 2024, CMHC-insured mortgages may have an amortization of up to 30 years when the borrower is a first-time homebuyer or is purchasing a newly constructed home. Without one of these conditions, the maximum insured amortization is 25 years. Conventional mortgages (20%+ down) are not subject to this restriction.
This calculator is for illustrative and informational purposes only. Results are estimates and may not reflect actual mortgage terms. Individual results will vary based on lender terms, credit profile, amortization period, and prevailing market conditions. This does not constitute financial, tax, or legal advice. Consult a licensed mortgage professional or qualified financial advisor before making any financial decisions.