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.