How is it calculated?
Default insurance is required with less than 20% down. The premium is a percentage of the loan, set by loan-to-value, and is added to your mortgage. A 30-year amortization adds 0.20%. In Ontario, Quebec and Saskatchewan, provincial sales tax on the premium is paid at closing.
| Loan-to-value | Premium |
|---|---|
| Up to 65% | 0.60% |
| 65.01%–75% | 1.70% |
| 75.01%–80% | 2.40% |
| 80.01%–85% | 2.80% |
| 85.01%–90% | 3.10% |
| 90.01%–95% | 4.00% |
Purchase premiums for standard down payments. Source: CMHC.
What should I do with the result?
Use it to set a budget or a target rate, then let lenders bid on your actual mortgage. Bids include rate, penalty method, prepayment and fees, so you can compare the full cost.
Frequently asked questions
Can I avoid CMHC insurance?
Put 20% or more down.
Is the CMHC premium refundable?
No, but it can be portable if you move your mortgage to a new home.
MBWritten by the MortgageBids.ca editorial team. Last updated October 7, 2026. General information only; your lender confirms terms for your file.
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