CMHC Mortgage Insurance Calculator

Mortgage default insurance protects the mortgage lender in the event that the borrower can’t make the mortgage payments and ends up defaulting on the mortgage. Mortgage insurance is required for all home purchases with down payments that are less than 20 per cent of the value of the property. The cost of the insurance is often rolled into your mortgage payments, but you should still know how much it costs – you may be surprised to find that it may be worthwhile to save longer for a bigger down payment to avoid paying so much for insurance. Enter your down payment amount and the length of time you wish to repay your mortgage, and our mortgage insurance calculator will calculate the costs of your insurance premium for you.

Asking Price:
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Downpayment:
Amortization Period:

About the CMHC Mortgage Insurance Calculator

When borrowers obtain mortgages, the process begins with the submission of a down payment. The percentage for the down payment may differ from one situation to the next, but no matter what, these down payments are always a requirement.

Also mandatory is mortgage insurance, a one-time insurance premium that is calculated as a percentage of the total amount of the mortgage. This percentage will vary based on the amount of money you decide to put down, which ranges from 5% to 19.99%, in addition to the amortization period you choose.

Using the CMHC’s Insurance Calculator, you will be able to find out how much this one-time payment will set you back. Select the percentage of your down payment, the amortization payment, the amount of the insurance, and the calculator will present you with the total amount of your mortgage. It is important to remember that CMHC insurance is not available for homes worth in excess of $1 million.

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Wednesday Dec 07, 2016
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