This Calculator will help you to determine the CMHC premium for various levels of home downpayment. Please note that you don't have to pay a premium if you put at least 20% of the purchase price as a downpayment. The premium for anything less than 20% down increases as the amount of downpayment decreases. The premium amount is added to your mortgage and is amortized over the term of the mortgage.
About Mortgage Insurance
Financial institutions are required by law to insure all mortgages with a loan to value ratio of less than 80%. This insurance protects the lender against borrower default.
Note: Provicial Sales Tax (8%) is applicable on mortgage insurance premiums, is due the date of closing, and is not rolled into a mortgage. Mortgage insurance premiums are exempt from the full Harmonized Sales Tax.
Mortgage Insurance Providers