When Is CMHC Insurance Required?
Notice:
To be eligible for CMHC insurance, your amortization period must be 25 years or less.
Mandatory CMHC Insurance Premium
$0
| Down Payment (% of Purchase Price) | 5–9.99% | 10–14.99% | 15–19.99% |
|---|---|---|---|
| CMHC Insurance (% of Mortgage Amount) | 4.00% | 3.10% | 2.80% |
Rebate
New CMHC Premium Total
$0
$0
CHMC Insurance...Explained
When Is CMHC Insurance Required?
In Canada, mortgage default insurance is usually a requirement when you put down less than 20% on your home. The premium will be charged to your lender who will pass the cost to you.
There are some requirements you will need to meet to qualify for mortgage insurance:
- Your insured mortgage will be amortized for no more than 25 years.
- You are making a minimum down payment of 5% on a loan of up to $500,000. A 10% down payment on any amount between $500,000 and $999,999 is required.
- Your home’s purchase price is less than $1 million.
Quick Possession Homes
Featured New Homes For Sale
Accolade A – 360001
2477 Sq.Ft. | Price: $776,900
Aster |
Availability:April
Artemis A – 360002
2113 Sq.Ft. | Price: $798,900
Aster |
Availability:April
Atlas A – 110013
2413 Sq.Ft. | Price: $774,900
Laurel Crossing |
Availability:April
Assurance A – 360005
2263 Sq.Ft. | Price: $645,250
Aster |
Availability:April
Accolade A – 360006
2477 Sq.Ft. | Price: $715,250
Aster |
Availability:April
Atlas K3 – 340011
2413 Sq.Ft. | Price: $0
Kinglet |
Availability:April
Accolade A – 440001
2477 Sq.Ft. | Price: $659,900
McLaughlin |
Availability:April
Sansa II A – 362046
1557 Sq.Ft. | Price: $593,900
Aster |
Availability:April
Artemis B – 360004
2113 Sq.Ft. | Price: $795,900
Aster |
Availability:April
Disclaimer: This calculator is for illustrative purposes only. Users should not rely on this calculator to make any financial decisions. While every effort is made to keep this tool up-to-date, CMHC does not guarantee the accuracy, reliability or completeness of any information or calculations provided by this calculator. Sterling Homes is not be liable for loss or damage of any kind arising from the use of this tool.
