How much will mortgage default insurance cost you?
If your down payment is less than 20%, you'll pay CMHC (or Sagen / Canada Guaranty) insurance. The premium is rolled into your mortgage. This tool estimates how much.
Estimates only. Premium rates from CMHC's published schedule. Actual premium charged by CMHC, Sagen, or Canada Guaranty may differ slightly. Ontario charges 8% PST on the premium at closing (it is NOT rolled into the mortgage). Consult a licensed mortgage professional before relying on these figures.
Quick reference: premium rates by LTV
| Loan-to-value | Premium rate |
|---|---|
| Up to 65% | 0.60% |
| 65.01% to 75% | 1.70% |
| 75.01% to 80% | 2.40% |
| 80.01% to 85% | 2.80% |
| 85.01% to 90% | 3.10% |
| 90.01% to 95% | 4.00% |
Minimum down payment rules
- Purchase price ≤ $500,000: minimum 5% down.
- $500,001 to $1,500,000: minimum 5% on the first $500K + 10% on the portion above $500K.
- Above $1,500,000: CMHC insurance is NOT available — you'll need a minimum 20% down payment from your own funds.
This calculator is informational. Premium schedules, eligibility rules, and the $1.5M insurable cap can change. Current rules reflect CMHC's December 15, 2024 update. For a definitive quote, talk to a mortgage broker or your bank. I'm a registered real estate sales representative, not a mortgage advisor.
Need this in context of an actual property?
Numbers without a property are abstract. Let's look at real listings in your range and run the full picture — purchase price, down payment, CMHC, land transfer tax, closing costs. One call.