Calculator
CMHC mortgage insurance calculator
See your premium, the loan-to-value band it comes from and the provincial sales tax on it. That tax can't be added to your mortgage, so you pay it in cash on closing day.
Your numbers
Default insurance isn't available at $1,500,000 or more, at any down payment.
Over 25 years adds 0.20% to the premium, and is only available to first-time buyers and newly built homes.
Sets whether you pay provincial sales tax on the premium in cash.
Advanced options(4)
Details that change the premium rate
Borrowed funds, or a gift from someone outside your immediate family, count as a non-traditional down payment. The premium is 4.50% instead of 4.00%, but only above 90% loan-to-value.
Small rental insurance caps at 80% loan-to-value.
Only used for the payment comparison at the bottom of the page.
You need one of these to get an insured amortization over 25 years.
Rate taken from the RateLens published table, current as of September 21, 2026 at 9:00 a.m. MT. Rules, premium tiers and fee schedules current as of September 16, 2026.
Your default insurance premium
$13,113
3.10% of your $423,000 mortgage, because your loan-to-value is 90.00%.
- Mortgage before the premium
- $423,000
- Total mortgage with it financed
- $436,113The premium is added, not paid in cash
- Cash needed for the premium
- $0Alberta charges none
- Premium rate applied
- 3.10%No surcharge
$0: Alberta charges no provincial sales tax on mortgage default insurance
What the premium does to your payment
The premium is added to your mortgage, so it doesn't cost you cash today. You carry a slightly larger mortgage for the whole amortization instead.
| Measure | Without the premium | With it financed |
|---|---|---|
| Mortgage | $423,000 | $436,113 |
| Monthly paymentAt 4.09% over 25 years | $2,245.76 | $2,315.37 |
- Loan-to-value
- 90.00%
- Premium rate
- 3.10%
- PST rate
- 0.000%
- Schedule
- CMHC homeowner
- Rules as of
- September 16, 2026
Premium rates by loan-to-value
The published bands, with yours highlighted. CMHC, Sagen and Canada Guaranty publish effectively identical schedules, and your lender picks the insurer.
| Loan-to-value | Premium rate |
|---|---|
| 90.00% – 95.00% | 4.00% |
| 85.00% – 90.00%Your band | 3.10% |
| 80.00% – 85.00% | 2.80% |
Here’s what each band would cost on a $470,000 purchase. A different down payment means a different mortgage, so each premium below is worked out on its own loan amount.
| Down payment | Amount | Premium rate | Premium |
|---|---|---|---|
| 5% | $23,500 | 4.00% | $17,860 |
| 10% | $47,000 | 3.10% | $13,113 |
| 15% | $70,500 | 2.80% | $11,186 |
| 20% | $94,000 | 0.00% | None |
Premium at 25 vs. 30 years
A 30-year insured amortization adds 0.20% to the premium, and is only available to first-time buyers and newly built homes.
| Premium over 25 years3.10% | $13,113 |
|---|---|
| Premium over 30 years3.30%, including the 0.20% surcharge | $13,959 |
| Cost of the extra 5 years | $846 |
The premium is the same everywhere. What differs is whether the province taxes it, and that tax can't be added to your mortgage.
- Alberta (you)$0
- Ontario$1,049
- Quebec$1,308
- Saskatchewan$787
| Jurisdiction | Cash at closing |
|---|---|
| Alberta (you) | $0 |
| Ontario | $1,049 |
| Quebec | $1,308 |
| Saskatchewan | $787 |
Insured mortgages often have lower rates
Compare today’s insured rates
Most lenders price insured mortgages below uninsured ones, so paying the premium often gets you a lower rate. See what insured mortgages are priced at today.
See today’s insured ratesPremium at 90.00% LTV
$13,113
How this is calculated
Every figure on this page comes from one tested calculation engine. Here’s what it does.
Who has to pay for default insurance
With less than 20% down, mortgage default insurance is required in Canada. It protects the lender if you default. It doesn’t protect you. What you get is a bigger mortgage: a lender will lend up to 95% of a property’s value instead of 80%, usually at a better rate than an uninsured mortgage, because the insurer carries the risk.
How the premium is calculated
The premium is a percentage of the mortgage, set by your loan-to-value band: 4.00% between 90.01% and 95% LTV, 3.10% between 85.01% and 90%, and 2.80% between 80.01% and 85%. At 80% or below, there’s no premium.
An amortization over 25 years adds 0.20% to the premium, and it’s only available to first-time buyers and buyers of newly built homes. A non-traditional down payment (borrowed funds, or a gift from someone outside your immediate family) costs 4.50% instead of 4.00%, but only in the 90.01–95% band. Below 90% LTV it makes no difference, and the calculator doesn’t apply it.
The premium is added to your mortgage, so you don’t pay it in cash. That’s why your total mortgage is larger than the price minus your down payment.
Provincial sales tax on the premium
3 provinces charge sales tax on the premium, and that tax can’t be added to your mortgage. You pay it in cash at closing, on top of your down payment, legal fees and other closing costs.
Alberta charges none. Neither does British Columbia, or most of the country. Ontario charges 8%, Quebec 9.975% and Saskatchewan 6%. On a $23,000 premium, that’s the difference between bringing nothing extra to closing and bringing nearly $1,900. The calculator always shows this line, at $0 where there’s no tax, so you can compare provinces side by side.
Who insures mortgages in Canada
3 companies insure mortgages in Canada: CMHC, Sagen and Canada Guaranty. Their premium schedules are effectively identical, and your lender picks the insurer. This calculator uses the published CMHC homeowner schedule.
Limits on insured mortgages
- Homes priced at $1,500,000 or more cannot be insured at any loan-to-value, so 20% down is the floor above that line.
- Small rental properties (2–4 units, not owner-occupied) cap at 80% loan-to-value.
- An insured amortization beyond 25 years requires first-time buyer status or a newly built home. Compare the two.
Common questions
Is CMHC insurance the same as mortgage life insurance?
No. They’re two different products.
Mortgage default insurance is what this page prices. It protects the lender if you stop paying. It’s required below 20% down, and it’s a one-time premium added to the mortgage.
Mortgage life insurance is optional. It pays off your balance if you die. It’s sold separately, and ordinary term life insurance from an insurer is usually cheaper.
Can I avoid the premium?
Only by putting 20% or more down. Below that, there’s no way to opt out.
Avoiding it isn’t always the better outcome. Insured mortgages are often priced below uninsured ones, so part of the premium comes back to you as a lower rate. Waiting 2 years to reach 20% also costs you rent, plus whatever prices do in the meantime.
Do I pay the premium at closing?
No. The premium is added to your mortgage and repaid over the amortization.
You may owe provincial sales tax on it in cash: 8% in Ontario, 9.975% in Quebec and 6% in Saskatchewan. Alberta charges none, so in Alberta you bring nothing extra to closing for the premium.
Does a 30-year amortization cost an extra 0.20%?
Yes, and it’s only available to first-time buyers and buyers of newly built homes. On a $400,000 mortgage, the surcharge adds $800 to the loan.
The bigger cost is interest. 5 extra years of payments on a slightly larger balance usually adds tens of thousands of dollars over the life of the mortgage, in exchange for a lower payment now. For some buyers, that trade makes sense.
Which insurer will I get?
Your lender decides. You don’t get to choose.
CMHC, Sagen and Canada Guaranty publish effectively identical schedules, so the cost is the same whichever one is used. Their underwriting rules differ slightly, which sometimes matters on an unusual property. Daniel takes that into account when comparing lenders for you.
What if my home is worth more than $1.5 million?
It can’t be default-insured at any loan-to-value, so 20% down is the statutory minimum and there’s no premium to calculate.
Your mortgage will be uninsured, which usually means a slightly higher rate and fewer lenders to choose from. The cap went up from $1 million to $1.5 million on 15 December 2024.
What to work out next
- Down paymentWhat each level of down payment costs, and how long the gap takes to save.
- Mortgage paymentThe payment once the premium is financed into the mortgage.
- 25 vs 30-year amortizationWhat the extra 5 years cost in premium and in interest.
- Closing costsEverything else you need in cash on the day.
- AffordabilityHow the premium changes the price your income supports.
- Land transfer taxAlberta's Land Titles fees compared with land transfer tax in other provinces.
This calculator provides estimates only. Results are based on the information you enter and on assumptions that may not reflect your actual qualification, rate or costs. These include semi-annual, not-in-advance compounding for fixed rates, as required under section 6 of the federal Interest Act, and the mortgage default insurance premium tiers published by CMHC, Sagen and Canada Guaranty. It is not mortgage advice, a quote, a rate hold, a pre-approval or an offer of credit, and RateLens does not guarantee its accuracy or completeness. Your actual rate, payment, default insurance premium and closing costs will depend on your credit profile, income, the property, the lender’s current rates and policies, and other factors confirmed during a full application.
Premiums shown approximate the published premium schedules of CMHC, Sagen and Canada Guaranty and are subject to each insurer’s current rate sheet. They are not guaranteed by RateLens. No provincial sales tax applies to the premium in Alberta. In Ontario, Quebec, Saskatchewan and Manitoba, PST on the premium is payable in cash at closing and cannot be added to the mortgage. Default insurance is not available on properties priced at or above $1,500,000.
Rules snapshot: September 16, 2026. Rates shown are calculation assumptions, not confirmed offers. Speak with Daniel De Sousa, Mortgage Associate, for a personalized quote. Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage, a licensed mortgage brokerage licensed by RECA.
Daniel De Sousa, Mortgage Associate, is licensed by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage is a mortgage brokerage licensed by the Real Estate Council of Alberta (RECA). Verify our licence on RECA ProCheck(opens in a new tab)
RateLens is a trade name used by Daniel De Sousa, Mortgage Associate, licensed in Alberta by the Real Estate Council of Alberta and registered with Indi The Independent Mortgage Company Ltd. o/a Indi Mortgage.
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See today's rates for insured mortgages
Most lenders price insured mortgages below uninsured ones, so paying the premium often gets you a lower rate. Get a quote for your scenario.
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