What will mortgage insurance cost me?
Enter the price, your down payment and the amortization. With less than 20% down, the premium is added to your mortgage; any provincial sales tax on it is paid at closing.
Your estimate
INSURANCE PREMIUM
How this is estimated
What the calculator assumes.
Premium rates. CMHC’s premiums on the total loan: 0.60% up to 65% loan-to-value, 1.70% to 75%, 2.40% to 80%, 2.80% to 85%, 3.10% to 90% and 4.00% to 95%, plus 0.20% for an amortization over 25 years. Source: CMHC. Sagen and Canada Guaranty set their own rates.
Who can insure. Insurance is available below $1.5 million, and a 30-year insured amortization is for first-time buyers and newly built homes. Source: Department of Finance.
Sales tax. Some provinces charge provincial sales tax on the premium. It cannot be added to the mortgage, so it is part of your cash at closing.
Related