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Mortgage Insurance Premium Calculator
Calculate CMHC, Sagen, and Canada Guaranty insurance premiums for properties with less than 20% down payment. Determine your eligibility category and understand how insurance affects your mortgage.
Enter Property Details
Total purchase price or property value. Must be between $100,000 and $5,000,000.
Total time to pay off the mortgage. With less than 20% down, the limit is 25 years, or 30 years for first-time buyers and newly built homes (with a 0.20% higher premium). With 20% or more down, the limit is set by your lender.
How you intend to use the property. Rental properties can't be insured with less than 20% down.
Type of transaction. Purchases and new builds can be insured; most refinances cannot.
First-time buyers can get a 30-year amortization on an insured mortgage (less than 20% down).
Province where the property is located. Ontario, Quebec and Saskatchewan charge sales tax on the premium, which you pay at closing; it can't be added to the mortgage.
Understanding Mortgage Insurance in Canada
Default Insured
Lowest Rates- Property under $1,500,000
- 5-19.99% down payment
- Owner-occupied only
- Purchase or new build
- Max 25-year amortization (30 for first-time buyers and new builds)
Rate Impact: usually the lowest rates lenders offer
Insurable
Moderate Rates- Property under $1,000,000
- 20%+ down payment (no premium for you)
- Owner-occupied only
- Purchase or switch (not refinance)
- Max 25-year amortization
Rate Impact: often between insured and uninsured rates
Uninsured
Highest Rates- 20%+ down payment, and
- Property $1,000,000 or more, OR
- Amortization over 25 years, OR
- Rental property or refinance
- No insurance premium
Rate Impact: usually the highest rates
📊 Premium Rate Table (All Insurers)
CMHC, Sagen, and Canada Guaranty publish the same premium rates for purchases (current as of October 8, 2026)
| LTV Range | Down Payment | Premium Rate | Example ($500k Mortgage) |
|---|---|---|---|
| 90.01% - 95% | 5% - 9.99% | 4.00% | $20,000 |
| 85.01% - 90% | 10% - 14.99% | 3.10% | $15,500 |
| 80.01% - 85% | 15% - 19.99% | 2.80% | $14,000 |
| Amortization over 25 years | First-time buyers & new builds | +0.20% | +$1,000 |
| ≤80% | 20%+ | 0% | No Insurance |
💡 Why Does Mortgage Insurance Exist?
Mortgage insurance protects lenders if you default, allowing them to offer mortgages with as little as 5% down. Without it, federally regulated lenders can't lend more than 80% of a home's value, so you would need at least 20% down. The premium is based on risk: higher LTV (lower down payment) = higher premium.
Good news: If you switch lenders at renewal, your mortgage stays insured and you generally won't pay a new premium, as long as you don't increase the balance or extend the amortization.
Related Resources & Guides
📖 Understanding Mortgage Insurance in Canada
Our guide to how mortgage default insurance works, what it costs and when you need it.
Read the guide →Need to calculate your total closing costs including insurance?
Try our Closing Cost Estimator →Frequently Asked Questions
What is mortgage insurance in Canada and when is it required?
Mortgage insurance is required in Canada when you put down less than 20% on a property purchase. It protects lenders if you default on your mortgage. Three companies provide this insurance: CMHC, a federal Crown corporation, and the private insurers Sagen and Canada Guaranty. They publish the same premium rates, based on your loan-to-value (LTV) ratio.
How much does CMHC mortgage insurance cost?
For a purchase with less than 20% down, the premium is 2.80% to 4.00% of your mortgage amount: 5% to 9.99% down = 4.00%; 10% to 14.99% down = 3.10%; 15% to 19.99% down = 2.80%. An amortization over 25 years, available to first-time buyers and for newly built homes, adds 0.20%. For example, a $500,000 home with 10% down has a $450,000 mortgage and a $13,950 premium (3.10%), usually added to your mortgage balance.
What is the difference between default insured, insurable, and uninsured mortgages?
Default Insured: less than 20% down on an owner-occupied purchase under $1.5 million, with an amortization of up to 25 years (30 for first-time buyers and newly built homes); you pay the premium. Insurable: 20% or more down on an owner-occupied purchase or switch under $1 million with up to a 25-year amortization; you pay no premium, but your lender can insure it in bulk. Uninsured: 20% or more down that doesn't meet those rules, such as a refinance, a rental, a price of $1 million or more, or an amortization over 25 years. Lenders usually price insured mortgages lowest and uninsured highest.
Can I switch lenders if I have mortgage insurance?
Yes. If you switch lenders at renewal, your mortgage stays insured and you generally don't pay a new premium, as long as you don't increase the balance or extend the amortization. Tell your new lender about your existing insurance so you don't pay twice.
What are the minimum down payment requirements in Canada?
Minimum down payment depends on purchase price: up to $500,000 = 5%; from $500,000 up to just under $1.5 million = 5% on the first $500,000 plus 10% on the rest; $1.5 million or more = 20% (insurance not available). For example, a $750,000 home requires $50,000 down minimum (5% × $500k + 10% × $250k = $25k + $25k).
Do I pay the insurance premium upfront or add it to my mortgage?
The insurance premium is typically added to your mortgage balance, so you finance it over your amortization period rather than paying upfront. This means you'll pay interest on the premium amount over time. For example, a $15,000 premium on a 25-year mortgage adds about $91 a month at a 5.49% interest rate. In Ontario, Quebec and Saskatchewan, sales tax on the premium must be paid at closing and can't be added to the mortgage.
Disclaimer: This calculator provides estimates only and should not be considered financial advice. Premium rates and eligibility rules are current as of October 8, 2026, including the December 15, 2024 changes (insured purchase price cap raised to $1.5 million and 30-year amortizations for first-time buyers and newly built homes), and are subject to change. Actual insurance premiums, eligibility, and mortgage rates depend on lender underwriting, insurer approval, credit score, income verification, and property appraisal. Consult with a licensed mortgage professional for personalized advice.