Today's numbers. Your numbers.
- Mortgage amount (before insurance)
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- CMHC insurance premium
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- Total mortgage
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- Down payment
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Canadian semi-annual compounding. Excludes property tax, heating, condo fees, home insurance, closing costs and the provincial sales tax on the insurance premium. Your actual payment depends on the lender, product and approval. Nothing you enter here is stored or sent anywhere. An educational estimate only: with less than 20% down it includes the CMHC premium, and it is not a quote or pre-approval.
For most uninsured mortgages you must qualify at the greater of your contract rate plus 2%, or 5.25%. It changes how much you can qualify for, not the rate you pay.
Minimum down payment is 5% of the first $500,000 plus 10% of the portion from $500,000 to $1.5 million. At $1.5 million or more you need at least 20%.
Lender rates are the lowest currently available through my lender partners for insured (high-ratio) purchase applications, as of …, with a purchase price up to $1.5 million. Amortization is 25 or 30 years depending on eligibility (30 years for eligible first-time home buyers). Rates are subject to change without notice, to lender approval and to qualification (O.A.C.). This is not an offer or commitment to lend. Your rate depends on your file, the lender and the product.
Policy and prime rates: Bank of Canada series, retrieved live. They are benchmarks only, not mortgage rates you can expect to receive, because rates vary by lender, product, term and your qualifications. Variable rates are commonly priced off a lender's prime rate; fixed rates tend to follow bond markets. Neither is a prediction. Not an offer or guarantee of financing.
Mortgage insurance when you put down less than 20%
If your down payment is under 20% of the price, your mortgage must be insured against default. The premium is a percentage of the loan, based on how much of the price you borrow (loan-to-value). It's usually added to your mortgage, and the calculator above includes it.
| Loan-to-value | Premium on total loan |
|---|---|
| Up to 65% | 0.60% |
| 65.01% to 75% | 1.70% |
| 75.01% to 80% | 2.40% |
| 80.01% to 85% | 2.80% |
| 85.01% to 90% | 3.10% |
| 90.01% to 95% | 4.00% |
- Minimum down payment: 5% of the first $500,000 plus 10% of the portion from $500,000 to $1.5 million. At $1.5 million or more you need at least 20%.
- Price limit: insured mortgages are available only for homes under $1.5 million.
- Amortization over 25 years adds a 0.20% surcharge. On insured mortgages, 30 years is available to first-time buyers and buyers of newly built homes.
- Sales tax: in Ontario the premium is subject to provincial sales tax, which can't be added to the loan and is paid at closing. It isn't included in the calculator.
Source: CMHC premium schedule and CMHC mortgage loan insurance cost, for owner-occupied homes (1 to 4 units). Other insurers' premiums are similar but may differ, and a non-traditional down payment carries a higher premium. Your lender confirms the exact figures. Read our guide: how much down payment you need.
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