CMHC premium calculator / 10% down
CMHC premium with 10% down
With 10% down the CMHC premium is 3.1% of the loan. Premium, total mortgage and monthly payment from $300,000 to $1.4M, and where 10% down is not allowed.
Purchase & financing
Insured mortgages are unavailable at $1.5M and up
Minimum here: $25,000 (5.0%)
30 yrs insured adds 0.20 points; first-time buyers and new builds only
ON, QC and SK charge sales tax on the premium
CMHC insurance premium
$13,950
3.10% of the loan at 90.0% LTV, added to your mortgage
The premium is added to your mortgage, but this tax is due in cash at closing.
LTV
90.0%
Premium rate
3.10%
Cash at closing
$51,116
Cash at closing here is the down payment plus premium tax only; add legal fees, inspection, and land transfer tax.
10% down at every price
10% down is 90% loan-to-value, which is the 3.1% premium tier. It clears the federal minimum at every price under the $1.5 million insured cap. Monthly payments assume 4.99% over 25 years with the Canadian formula.
| Price | Down | Premium | Total mortgage | Monthly |
|---|---|---|---|---|
| $300,000 | $30,000 | $8,370 | $278,370 | $1,617 |
| $400,000 | $40,000 | $11,160 | $371,160 | $2,157 |
| $500,000 | $50,000 | $13,950 | $463,950 | $2,696 |
| $600,000 | $60,000 | $16,740 | $556,740 | $3,235 |
| $700,000 | $70,000 | $19,530 | $649,530 | $3,774 |
| $800,000 | $80,000 | $22,320 | $742,320 | $4,313 |
| $900,000 | $90,000 | $25,110 | $835,110 | $4,852 |
| $1,000,000 | $100,000 | $27,900 | $927,900 | $5,391 |
| $1,200,000 | $120,000 | $33,480 | $1,113,480 | $6,470 |
| $1,400,000 | $140,000 | $39,060 | $1,299,060 | $7,548 |
Compared with the other tiers
On a $500,000 home: 5% down pays $19,000 of premium (4.00%), 10% down pays $13,950 (3.10%), 15% down pays $11,900 (2.80%), and 20% down pays nothing. Each step up costs $25,000 more in cash and removes a slice of premium; the biggest saving per dollar of extra down payment is the jump from 5% to 10%. See 5% down and 15% down.
Frequently asked questions
What is the CMHC premium with 10% down?+
3.1% of the mortgage amount, because 10% down means a loan-to-value of 90%. On a $500,000 home that is a loan of $450,000 and a premium of $13,950, added to the mortgage. Sagen and Canada Guaranty charge the same rate.
Can I put 10% down on any price?+
Yes, on any price under $1.5 million, because 10% exceeds the federal minimum of 5% on the first $500,000 plus 10% on the rest at every price in that range. At $1.5 million and above, default insurance is unavailable and 20% down is required.
Does 10% down get the best mortgage rate?+
Usually a better rate than 20% down. Insured mortgages carry no default risk for the lender, so lenders price them 10 to 30 basis points below conventional uninsured mortgages. The premium is the cost of that rate, and on a 25-year amortization the premium generally outweighs the rate saving, which is why the total-cost comparison in the calculator matters more than the headline rate.
What if I take a 30-year amortization with 10% down?+
The premium rises to 3.3000000000000003% (an extra 0.20 points), and it is only available to first-time buyers and buyers of newly built homes. On a $500,000 home the premium goes from $13,950 to $14,850 while the payment drops from $2,696 to $2,478 at 4.99%.
Other prices and tiers
Buying a duplex to fourplex to live in? The house hacking calculator applies these premiums inside a full monthly cost. Closing costs are the other cash item: see the land transfer tax calculator.