CMHC Premium Calculator
Calculate your mortgage insurance premium for any Canadian province.
Result
Enter your details to see the CMHC premium here.
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How CMHC Premiums Work
- CMHC (Canada Mortgage and Housing Corporation) insurance is required if your down payment is less than 20%.
- The premium is added to your mortgage and paid off over time.
- Premium rates depend on your down payment percentage.
Example: On a $400,000 home with 10% down, the CMHC premium is 3.10% of the mortgage amount.
Frequently Asked Questions
CMHC insurance is required in Canada when your down payment is less than 20% of the home price.
The premium is a percentage of your mortgage amount, based on your down payment. The lower your down payment, the higher the premium rate.
Yes, you can pay the premium upfront at closing, but most buyers add it to their mortgage.
How CMHC Premium Works
- CMHC (Canada Mortgage and Housing Corporation) insurance is a type of mortgage default insurance that protects lenders in case you default on your mortgage.
- It is required if your down payment is less than 20% of the home's purchase price.
- The premium is calculated as a percentage of the mortgage amount (the price of the home minus the down payment) and is added to your mortgage.
- Premium rates vary based on the size of your down payment:
- 5% to 9.99% down payment: 4.00% premium rate.
- 10% to 14.99% down payment: 3.10% premium rate.
- 15% to 19.99% down payment: 2.80% premium rate.
- The premium can be paid upfront or added to your mortgage amount.
- This calculator helps you estimate your CMHC premium based on the home price and down payment percentage.
CMHC Premium Rate Table (2024)
| Down Payment (% of Price) | Premium Rate |
|---|---|
| 5% - 9.99% | 4.00% |
| 10% - 14.99% | 3.10% |
| 15% - 19.99% | 2.80% |
| 20% or more | Not required |
Best Practices
- Always check the latest CMHC rates, as they may change over time.
- Remember: The premium is calculated on the mortgage amount (price minus down payment), not the full home price.
- CMHC insurance is only required for down payments less than 20%.
- Most buyers add the premium to their mortgage, but you can pay it upfront at closing.
Example Calculation
Scenario: Home price is $400,000, down payment is 10% ($40,000).
Mortgage amount: $400,000 - $40,000 = $360,000
Applicable premium rate: 3.10% (for 10% down)
Premium: $360,000 × 3.10% = $11,160
Total mortgage (if premium is added): $360,000 + $11,160 = $371,160
Real-World Usage
- Use this calculator before making an offer to understand your true borrowing costs.
- Compare different down payment scenarios to see how much you can save on CMHC premiums.
- Discuss your results with your mortgage broker or lender for more accurate, personalized advice.
Average Home Prices in Major Canadian Cities (2025)
| City | Detached | Semi-Detached | Townhouse | Condo |
|---|---|---|---|---|
| Toronto | $1,400,000 | $1,050,000 | $900,000 | $750,000 |
| Vancouver | $1,800,000 | $1,200,000 | $950,000 | $800,000 |
| Calgary | $700,000 | $550,000 | $400,000 | $320,000 |
| Edmonton | $500,000 | $400,000 | $300,000 | $200,000 |
| Montreal | $750,000 | $600,000 | $450,000 | $400,000 |
| Ottawa | $800,000 | $650,000 | $500,000 | $400,000 |
| Winnipeg | $420,000 | $340,000 | $270,000 | $180,000 |
| Halifax | $600,000 | $480,000 | $400,000 | $350,000 |
| Victoria | $1,100,000 | $850,000 | $700,000 | $600,000 |
| Saskatoon | $420,000 | $340,000 | $270,000 | $200,000 |
| St. John's | $350,000 | $280,000 | $230,000 | $180,000 |
Source: CREA, 2025 estimates. Prices are approximate and may vary by neighbourhood.