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How much do I need down — and what does insurance cost?
Down Payment & CMHC Insurance Calculator
Your minimum down payment, the mortgage insurance premium and the provincial tax on it (9% in Québec, 8% in Ontario) paid at closing.
Reviewed by Stan Rashev, mortgage & real estate broker · Updated
How your minimum down payment is calculated
Tip: drag the sliders, or click any figure to type an exact amount.
01 How this calculator works
The method, in plain language.
- 01Minimum down payment: 5% of the first $500,000 and 10% of the portion from $500,000 to $1.5 million. At $1.5 million and above, 20% is required and insurance isn't available.
- 02Premiums depend on your down payment: 4.00% of the mortgage under 10% down, 3.10% from 10% to 14.99%, and 2.80% from 15% to 19.99%. A 30-year insured amortization adds 0.20%.
- 03The premium is added to your mortgage, but Québec (9%) and Ontario (8%) charge sales tax on it, payable at closing.
02 What the numbers don't show
Read this before you decide.
- Premium rates shown are standard rates from the main insurers; non-traditional down payments can cost more.
- Insured mortgages are limited to owner-occupied homes under $1.5 million.
- Some lenders price insured mortgages lower than conventional ones — insurance isn't always a negative.
Turn the estimate into a plan.
This calculator answers one question. A 30-minute review looks at all of them together — and the answer is often different.
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The solution behind the numbers
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