CMHC insurance
How much will mortgage insurance cost?
Put down less than 20% and the mortgage has to be insured. The premium depends on how much you put down, is added to the mortgage, and Ontario charges sales tax on it in cash at closing. This works out all three, and the smallest down payment allowed.
10%
You have never owned a home anywhere, and you will live in this one.
Bought from a builder and never lived in.
Insurance premium
$20,925
Added to the mortgage, not paid up front.
| Your down payment | $75,000 (10%) |
|---|---|
| Smallest down payment allowed | $50,000 |
| Loan before the premium | $675,000 |
| Premium rate | 3.1% |
| Ontario sales tax on the premium, cash at closing | $1,674.00 |
| Mortgage with the premium added | $695,925 |
How to pay less
The rate steps down at 10%, 15% and 20% down. Moving your down payment past the next step can save more than the extra cash costs.
An estimate to plan with, not advice. Your lender, lawyer and accountant have the final word.
Rates and rules last checked October 19, 2026.
Where the rules come from
- CMHC premium information page and CMHC Purchase page, cmhc-schl.gc.ca, checked 2026-10-19.
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