CMHC insurance and minimum down payment
With less than 20% down you need mortgage default insurance. The premium is a percentage of the loan and is usually added to the mortgage.
Assumptions
- Minimum down: 5% of the first $500,000, 10% of the portion from $500,000 to $1.5 million; 20% at $1.5 million or more (not insurable).
- CMHC premiums on the total loan: ≤65% LTV 0.60%, 65–75% 1.70%, 75–80% 2.40%, 80–85% 2.80%, 85–90% 3.10%, 90–95% 4.00% (traditional down payment). Amortization over 25 years adds 0.20%.
- 30-year insured amortization only for first-time buyers or newly built homes. Sagen and Canada Guaranty have their own premiums.
- PST on the premium (Ontario, Quebec, Saskatchewan) is not included.
General information, not financial advice. This calculator gives rough estimates from simplified assumptions. It does not know your full situation. Check with a qualified professional and the official sources before making decisions.
Sources
- FCAC (Canada.ca): How much you need for a down payment
- Finance Canada: Mortgage reforms ($1.5M insured cap, 30-year amortization for first-time buyers and new builds)
- CMHC: Premium information for homeowner loans
- CMHC: Mortgage loan insurance cost (provincial sales tax note)
Figures checked October 16, 2026. Rules and limits change; confirm with the source before acting.