CMHC premium rates
The premium is a percentage of the loan, based on the loan-to-value (LTV) ratio: the loan divided by the home’s price.
| Loan-to-value | Premium | Over 25 years |
|---|---|---|
| Up to 65% | 0.60% | 0.80% |
| 65.01% to 75% | 1.70% | 1.90% |
| 75.01% to 80% | 2.40% | 2.60% |
| 80.01% to 85% | 2.80% | 3.00% |
| 85.01% to 90% | 3.10% | 3.30% |
| 90.01% to 95% | 4.00% | 4.20% |
How the premium works
You pay once, but it is usually added to your mortgage and charged interest with the rest.
Minimum down payment
5% of the first $500,000 of the price and 10% of the portion from $500,000 to $1.5 million. Homes of $1.5 million or more need at least 20% down.
Premium on the loan
The rate depends on how much of the price you borrow. Putting down 10% costs 3.10% of the loan; 5% costs 4.00%. At 20% or more there is no premium.
Longer amortization
An amortization over 25 years adds 0.20 percentage points. Since December 15, 2024, 30 years is available on insured mortgages for first-time buyers and for new builds.
Provincial sales tax
Ontario, Quebec and Saskatchewan charge sales tax on the premium. It is paid at closing and cannot be added to the mortgage.
The premium is on the loan, not on the price. On a $500,000 home with 10% down, 3.10% applies to $450,000, which is $13,950 — not $15,500.
Frequently asked questions
Do I always have to pay CMHC insurance?
You need default insurance when your down payment is under 20% of the price. The insurer can be CMHC or another approved insurer; the premium is built into your lender’s offer. With 20% or more down, insurance is not required.
Is the premium added to my mortgage?
Normally, yes. The calculator shows the mortgage with the premium added and the resulting payment. Provincial sales tax on the premium (Ontario, Quebec, Saskatchewan) is not added: you pay it in cash at closing.
What is the maximum price for an insured mortgage?
Under $1.5 million, a limit introduced on December 15, 2024. For a home of $1.5 million or more you need at least 20% down.
Why does a 30-year amortization cost more?
CMHC adds 0.20 percentage points to the premium when the amortization is over 25 years, and the extra years add interest. Compare the monthly payment and the extra interest shown above.
What is a non-traditional down payment?
A down payment from borrowed money, such as a loan or line of credit, rather than your own savings or a gift. CMHC charges 4.50% instead of 4.00% in the 90.01% to 95% LTV band.
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How we check it
The tests check every premium band and band boundary against CMHC’s published table, the 0.20-point surcharge and the 4.50% rate, and reproduce the Government of Canada’s minimum down payment examples ($20,000 on $400,000; $35,000 on $600,000). Provincial tax figures and payments are hand-computed from the published rates and from the shared mortgage maths.
We did not compare with CMHC’s own calculator or with a lender’s quote. The provincial sales tax rates (Ontario 8%, Quebec 9%, Saskatchewan 6%) come from provincial rules, not from CMHC’s page, which only says the tax applies in those three provinces.