CMHC Insurance Calculator — Calculate Your Mortgage Insurance Cost
Calculate CMHC mortgage insurance premium for Canadian home purchases with less than 20% down payment. See how down payment affects your insurance cost.
CMHC mortgage insurance is mandatory in Canada for home purchases with a down payment below 20%. This insurance protects the lender (not you) in case of default and adds a significant cost to your mortgage. The premium ranges from 2.8% to 4% of the mortgage amount and is typically added to your loan increasing your mortgage balance and monthly payments. Understanding this cost helps you decide between a smaller down payment now or saving more to avoid insurance entirely.
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Key Information
| Parameter | Details |
|---|---|
| 5% Down Premium | 4.00% of mortgage amount |
| 10% Down Premium | 3.10% of mortgage amount |
| 15% Down Premium | 2.80% of mortgage amount |
| 20%+ Down Premium | No CMHC insurance required |
Calculate CMHC insurance
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Use Calculator NowFrequently Asked Questions
How much is CMHC insurance on $500000 home?
With 10% down ($50000) on a $500000 home: mortgage = $450000. CMHC premium = $450000 x 3.10% = $13950. Total mortgage becomes $463950. This adds approximately $65/month to your payment over 25 years. With only 5% down ($25000) the premium jumps to $475000 x 4% = $19000 adding approximately $89/month.
Is it worth saving 20% to avoid CMHC?
Saving to 20% eliminates $14000-$19000 in CMHC premiums on a $500000 home. However if saving the extra 10-15% takes 2-3 years and home prices rise 5% annually the home now costs $525000-$578000. In rising markets buying sooner with CMHC insurance can be financially better despite the premium cost. Run the numbers for your specific market.
Can CMHC insurance be removed later?
No CMHC insurance cannot be removed once applied to your mortgage. Unlike US PMI which drops at 80% LTV Canadian mortgage insurance stays for the life of the mortgage term. The only way to eliminate it is to refinance once you have 20% equity but you will need to qualify again at current rates and pay refinancing costs.
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Last updated: 24 March 2026