CMHC Insurance Calculator
See your CMHC, Sagen or Canada Guaranty premium, the PST on it, and your total insured mortgage — with the latest federal rules (December 2024).
PST on the insurance premium is paid at closing in ON (8%), QC (9%) and SK (6%). Other provinces: none.
Breakdown
Premium can be added to (financed in) the mortgage. PST on the premium, where applicable, is paid in cash at closing.
Premium curve · 8% → 25% down
Watch how the insurance premium drops as you raise your down payment — it hits $0 once you reach 20% (no insurance needed). The curve starts at this home's federal minimum down payment. The marker shows where you are right now.
- Charges the provincial sales tax on the premium where it applies (ON 8%, QC 9%, SK 6% — Manitoba removed its in 2020) — due in cash at closing, which most calculators quietly omit
- Standard insured AND Sagen Insured Stated Income (self-employed) in one tool — switch the program to see the higher stated-income premium
- Knows the December 2024 rules: max insured price $1,499,999 (high-ratio, under 20% down — not to be confused with the $999,999 insurable cap) and the first-time-buyer OR new-build gate on 30-year insured amortization, with the 0.20% surcharge applied
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CMHC insurance — quick answers
When do I have to pay CMHC insurance?+
Mortgage default insurance is required whenever your down payment is less than 20% of the purchase price. It protects the lender, not you. As of December 15, 2024, it's only available on purchase prices under $1,500,000 — the maximum insured price is $1,499,999. (Note: 'insured' is not the same as 'insurable' — an insurable mortgage is a 20%+-down file the lender bulk-insures, capped at $999,999 with a 25-year amortization.)
How much is the CMHC premium?+
It's a percentage of the loan, set by your down payment. With 5%–9.99% down the premium is 4.00% on a 25-year amortization or 4.20% on 30 years. With 10%–14.99% down: 3.10% or 3.30%. With 15%–19.99% down: 2.80% or 3.00%. The 30-year figures include the 0.20% extended-amortization surcharge added to every tier.
Do I have to pay PST on the CMHC premium?+
Yes, in Ontario (8%), Quebec (9% — rising to 9.975% for premiums paid after December 31, 2026), and Saskatchewan (6%). Manitoba removed its tax on default-insurance premiums in 2020. Unlike the premium itself, the PST is paid in cash at closing — it cannot be financed into the mortgage.
Can I get a 30-year insured mortgage?+
Yes — if you are a first-time home buyer (new or resale home) OR any buyer purchasing a newly built home. The August 2024 rule required both; the December 15, 2024 expansion made them two independent paths. The premium increases by 0.20%.
What's the minimum down payment in Canada?+
5% on the first $500,000 of the purchase price, plus 10% on any portion above $500,000 — for homes priced under $1,500,000 (max insured price $1,499,999). At $1,500,000 or more you must put down 20% on the entire price.
I'm self-employed — can I get an insured mortgage without traditional income proof?+
Yes. The Insured Stated Income program (Sagen) lets self-employed borrowers qualify on their business rather than a lean personal T1 — great for incorporated owners and BFS clients whose accountant keeps their declared income low. It needs at least 10% down (5% can't be used here), 2+ years self-employed, a clean 2-year credit history and no mortgage defaults in 7 years. The premium runs higher than standard insured — for example 5.85% at 10% down (25-year) versus 3.10% standard. Switch the program toggle at the top of the calculator to see your exact number.
I'm a resident or newly-practising physician (or dentist/vet) — can I buy on projected income?+
Yes. The Projected Income program qualifies medical residents and newly-practising physicians, dentists, veterinarians and optometrists on their expected future income rather than their current low earnings (for example residents around $185,000, specialists $300,000+, though figures vary by lender). It's insured, purchase only, needs at least 10% down and a price under $1.5M. The insurer premium is higher than standard — 4.10% at 10% down, or 4.60% if part of the down payment is borrowed (medical professionals are allowed to borrow 5% of the 10%). Switch the program toggle to Projected Income — Medical to price it.
Last updated: July 2026. Reflects the Dec 15, 2024 federal rule changes — under-$1,500,000 high-ratio insured cap (maximum insured price $1,499,999) and 30-year amortization for first-time buyers or newly built homes (either one qualifies). This prices high-ratio insured mortgages; a 20%+-down insurable mortgage is a different product (max $999,999, 25-year).
Also see: Affordability + stress test → · Land transfer tax → · Prepayment →