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How to Calculate CMHC Insurance

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The CMHC Mortage Loan Insurance allows the home purchaser to open a mortgage with a minimum 5 percent down payment.

Purchasing CMHC mortgage loan insurance is a requirement for most mortgage lenders when the purchaser makes a down payment of less than 20 percent of the total home price. Calculating the CMHC mortgage loan insurance is an easy process with the online calculator provided by the Canada Mortgage and Housing Corporation.

Instructions

    • 1

      Visit the Mortgage Affordability Calculator at the CHMC website.

    • 2

      Enter the required figures in the fields provided. If you cannot provide exact figures, you can estimate those figures based on your existing income and expenses. Click the "Calculate" button when you are finished.

    • 3

      Copy down the estimated figures for your maximum figures for your mortgage, home price, monthly mortgage payment, and Mortgage Loan Insurance Premium. These figures should be accepted as ballpark figures because they do not take into consideration other sources of income and expenses. These figures provided also do not include applicable taxes and fees that are necessary for closing a mortgage.

Tips & Warnings

  • The insurance premium can be paid separate from the mortgage or re-calculated into your monthly mortgage payments.

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References

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