CMHC Mortgage Insurance

Mortgage insurance is required in Canada when down payments are from 5% to 19.99%. A mortgage insurance premium is charged on the outstanding mortgage amount.

 

When the down payment is 5% to 9.99% a premium of 4.00% is charged.

When the down payment is from 10% to 14.99% a premium of 3.10% is charged.

When the down payment is from 15% to 19.99% a premium of 2.80% is charged.

When the down payment is greater than 20% no insurance premium must be paid.

 

Mortgage insurance calculator:

https://www.ratehub.ca/cmhc-mortgage-insurance

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