CMHC Insurance Calculator

How Much Will CMHC Insurance Cost on Your Brampton Home?

Quick answer: If you put down less than 20% on a Brampton home, CMHC mortgage insurance is required. The premium is 2.80%–4.00% of your mortgage, and in Ontario you pay 8% tax on it at closing. Estimate yours below.

Buying in Brampton with less than 20% down? You’ll need mortgage default insurance (commonly called CMHC insurance). This calculator estimates your premium and the provincial tax you’ll owe at closing, so there are no surprises. Enter your price and down payment to see your numbers.

Mortgage CMHC Calculator
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What CMHC insurance is – and when you need it

CMHC insurance protects the lender if a borrower defaults, but the buyer pays for it. It’s required on any Canadian mortgage with less than 20% down, and it’s what lets you buy with as little as 5%. The premium is a percentage of your mortgage amount and is usually added to your mortgage and paid off over time.

CMHC premium rates (2026)

Down paymentLoan-to-valuePremium (% of mortgage)
5% – 9.99%90.01% – 95%4.00%
10% – 14.99%85.01% – 90%3.10%
15% – 19.99%80.01% – 85%2.80%
20% or more80% or lessNo CMHC insurance required

A 0.20% surcharge applies to 30-year amortizations (available to first-time buyers and new-build purchasers).

Example on a Brampton home

On a $700,000 home with 10% down ($70,000), your mortgage is $630,000. At the 3.10% rate that’s a premium of about $19,530, typically added to your mortgage. On top of that, Ontario charges 8% tax on the premium – about $1,562 due at closing (see below).

The Ontario tax most buyers forget

In Ontario you pay 8% provincial sales tax on the CMHC premium, and unlike the premium itself, this tax cannot be added to your mortgage – it’s due in cash at closing. Build it into your closing-cost budget.

Down payment rules & the $1.5M cap

  • Minimum down: 5% on the first $500,000, 10% on the portion from $500,000 to $1,500,000.
  • CMHC insurance is only available on homes priced under $1.5 million. Above that, you need 20% down and an uninsured mortgage.

How to reduce or avoid it

  • Put down 20%+ to avoid the premium entirely.
  • Move up a tier (e.g. 5% → 10%) to drop from 4.00% to 3.10%.
  • Combine FHSA + RRSP Home Buyers’ Plan savings to reach a bigger down payment.

CMHC Insurance FAQ

Yes, if your down payment is under 20% of the purchase price. It’s mandatory on all Canadian mortgages below that threshold.
With 10% down, the mortgage is $630,000 and the premium is about $19,530 (3.10%), plus roughly $1,562 in Ontario tax at closing.
Yes – put down 20% or more. That removes the premium, though you’ll need more cash upfront.
The premium is usually added to your mortgage and paid over time. The Ontario 8% tax on it, however, must be paid in cash at closing.
Yes. Ontario applies 8% provincial sales tax to the premium, payable at closing and not financeable.

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