Use the Rates.ca CMHC Mortgage Calculator to understand how CMHC premiums are calculated and what impact they will have on your mortgage
If you're planning on purchasing a home and your down payment is less than 20% of the purchase price of the property, you will be required to pay a CMHC premium.
This insurance premium does not have to be paid up front and is usually added to the mortgage loan. The premium is calculating by applying a certain percentage to the total mortgage amount (this percentage decreases as your down payment increases). The purpose of mortgage insurance is to protect lenders in case of borrower default. On July 9th, 2012 two keys changes were made by the Government of Canada that impacted CMHC Insurance. Firstly, CMHC insurance was limited to homes less than $1 million. Thus anyone who is planning on purchasing a property that costs at least $1 million must put at least 20% as a down payment. Secondly, the maximum amortization on CMHC insured mortgages was reduced to 25 years. Use the CMHC Mortgage Calculator below to figure out whether CMHC insurance is applicable to you and if so how much you'd have to pay.
The CMHC Mortgage Calculator should be used for illustration purposes only. You should consult a mortgage broker or lender prior to deciding to purchase a home in order to figure out if CMHC premiums are applicable to you, and if so, how much you'll be expected to pay. In certain situations CMHC may apply non-standard rates.
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