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Ontario CMHC insurance calculator

Mortgage default insurance, which is commonly referred to as CMHC insurance, is mandatory in Canada for down payments between 5% (the minimum in Canada) and 19.99%. Mortgage default insurance protects lenders, in the event a borrower ever stopped making payments and defaulted on their mortgage loan.

Although mortgage default insurance costs homebuyers 2.80% - 4.00%1 of their mortgage amount, it does allow Canadians, who might not otherwise be able to purchase homes, access to the Canadian real estate market. Without it, mortgage rates would be higher, as the risk of default would increase. Lenders are able to offer lower mortgage rates when mortgages are protected by mortgage default insurance, because the risk of default is passed along to the mortgage insurer.

There are some requirements you have to meet in order to qualify for mortgage default insurance:

  • The maximum amortization for insured mortgages is 25 years.
  • If the purchase price is between $500,000 - $999,999 a higher down payment is required. The minimum down payment is 5% of the first $500,000, and 10% of the remaining amount.
  • Mortgage default insurance is not available on homes purchased for more than $1 million; this means that a 20% down payment is required on these homes.
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REALTOR's & Staff

Oliver Reprich REALTOR and broker of record for Bracebridge Realty brokerage in the heart of Muskoka

Oliver Reprich

broker of record
705-641-9524
Oliver@BracebridgeRealty.ca
Marion Wentzel-Reprich REALTOR with Bracebridge Realty in Muskoka

Marion Wentzel-Reprich

Broker
705-641-8227
Marion@BracebridgeRealty.ca
Marion Wentzel-Reprich REALTOR with Bracebridge Realty in Muskoka

Lea Reprich

REALTORĀ®
705-646-3511
Lea@BracebridgeRealty.ca

Bracebridge Realty

Oliver Reprich is the broker of record of Bracebridge Realty brokerage, based in Bracebridge which is the Heart of Muskoka.

Our area of expertise are waterfront properties and cottages in Muskoka, Parry Sound and Haliburton

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