See your CMHC mortgage insurance premium for any down payment under 20%, the 30-year amortization surcharge, and any sales tax due at closing.
10.0% of the price
CMHC insurance premium
$18,135
3.10% of the mortgage, added to it
What this means
Mortgage insurance protects the lender, not you, if you can’t pay. It’s required when your down payment is under 20%, and lets you buy with as little as 5% down.
In this province, sales tax of 8% applies to the premium. It can’t be added to the mortgage: budget $1,451 in cash at closing.
| Down payment | Rate | Premium |
|---|---|---|
| $40,000 (6%) | 4.00% | $24,400 |
| $65,000 (10%) | 3.10% | $18,135 |
| $97,500 (15%) | 2.80% | $15,470 |
| $130,000 (20%) | – | None |
A $650,000 home with $65,000 down (10%) in Ontario:
| Amount | |
|---|---|
| Premium (3.10%) | $18,135 |
| Mortgage with the premium | $603,135 |
| Sales tax, paid at closing | $1,451 |
The minimum down payment is 5% of the first $500,000 and 10% of the rest: $40,000 on this home. See CMHC insurance explained.
Last updated
4% of the mortgage with 5% to 9.99% down, 3.1% with 10% to 14.99%, and 2.8% with 15% to 19.99%. With 20% or more down, you don’t need it.
Yes, usually. But in Ontario (8%), Quebec (9%) and Saskatchewan (6%), sales tax on the premium must be paid in cash at closing.
Yes, if you’re a first-time buyer or buying a newly built home. The premium is 0.2% higher.
Homes priced under $1.5 million can be bought with less than 20% down. Above that, you need 20%.