CMHC premium calculator / 15% down
CMHC premium with 15% down
With 15% down the CMHC premium is 2.8% of the loan. Premium, total mortgage and monthly payment from $300,000 to $1.4M, and where 15% 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
$11,900
2.80% of the loan at 85.0% LTV, added to your mortgage
The premium is added to your mortgage, but this tax is due in cash at closing.
LTV
85.0%
Premium rate
2.80%
Cash at closing
$75,952
Cash at closing here is the down payment plus premium tax only; add legal fees, inspection, and land transfer tax.
15% down at every price
15% down is 85% loan-to-value, which is the 2.8% 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 | $45,000 | $7,140 | $262,140 | $1,523 |
| $400,000 | $60,000 | $9,520 | $349,520 | $2,031 |
| $500,000 | $75,000 | $11,900 | $436,900 | $2,539 |
| $600,000 | $90,000 | $14,280 | $524,280 | $3,046 |
| $700,000 | $105,000 | $16,660 | $611,660 | $3,554 |
| $800,000 | $120,000 | $19,040 | $699,040 | $4,062 |
| $900,000 | $135,000 | $21,420 | $786,420 | $4,569 |
| $1,000,000 | $150,000 | $23,800 | $873,800 | $5,077 |
| $1,200,000 | $180,000 | $28,560 | $1,048,560 | $6,093 |
| $1,400,000 | $210,000 | $33,320 | $1,223,320 | $7,108 |
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 10% down.
Frequently asked questions
What is the CMHC premium with 15% down?+
2.8% of the mortgage amount, because 15% down means a loan-to-value of 85%. On a $500,000 home that is a loan of $425,000 and a premium of $11,900, added to the mortgage. Sagen and Canada Guaranty charge the same rate.
Can I put 15% down on any price?+
Yes, on any price under $1.5 million, because 15% 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 15% 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 15% down?+
The premium rises to 3% (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 $11,900 to $12,750 while the payment drops from $2,539 to $2,334 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.