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Enter your purchase price, down payment, and interest rate to see your monthly payment, total interest, and CMHC insurance premium — if it applies.
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CMHC mortgage insurance rates
CMHC insurance is required on all mortgages with less than 20% down in Canada. The premium is calculated on the total loan amount (including the premium itself) and added to your mortgage. Rates effective as of 2024.
| Down payment | Loan-to-value ratio | CMHC premium rate |
|---|---|---|
| 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 more | 80% or less | No premium |
CMHC insurance is not available on homes priced over $1.5 million, meaning these homes require a minimum 20% down payment. The premium is added to your mortgage principal, so you pay interest on it over the amortization period. Full CMHC premium rates are published on the CMHC website.
Canadian down payment rules
The minimum down payment in Canada depends on the purchase price. Rules changed on December 15, 2024, expanding eligibility for 5% down and 30-year amortization for insured mortgages.
Minimum down payment by price
For homes priced up to $500,000, the minimum down payment is 5%. For homes between $500,000 and $1.5 million, it's 5% on the first $500,000 and 10% on the remainder. Homes over $1.5 million require a minimum 20% down payment and don't qualify for CMHC insurance.
30-year amortization
As of December 15, 2024, 30-year amortization is available to first-time buyers and buyers of new construction on insured mortgages (under 20% down). Previously limited to 25 years, the change reduces the monthly payment but increases the total interest paid over the life of the mortgage. It's not available on conventional mortgages with 20% or more down through most lenders.
FHSA and RRSP HBP
First-time buyers can use the First Home Savings Account (FHSA) — $8,000 per year, $40,000 lifetime — and the RRSP Home Buyers' Plan (HBP), which allows a withdrawal of up to $60,000 per person (raised April 2024) to be used toward a down payment. These can be combined for a couple: up to $120,000 from RRSP HBP plus the accumulated FHSA balance.