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MoneySense Toolkit: The CMHC mortgage insurance calculator

– moneysense.ca

CMHC insurance calculator

If you want to buy a home and have a down payment of less than 20% of the purchase price, you’ll need to purchase mortgage default insurance, often referred to as CMHC insurance or simply mortgage loan insurance.

You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quoteI’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.

What is mortgage default insurance (CMHC insurance)?

Mortgage default insurance protects your lender in case you can’t make your mortgage payments and default on the loan. While it can cost thousands of dollars, it makes your mortgage less risky for lenders and allows you to get a more favourable interest rate. Mortgage default insurance is usually automatically calculated by your lender and detailed in your mortgage agreement.

Mortgage default insurance is offered through three providers in Canada…

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