Down Payment Calculator
Federal minimum down payment rules and a CMHC default insurance premium estimate when you put less than 20% down.
Fields marked * are required for an accurate result.
The rules:
5% on the first $500,000, 10% on the portion from $500,000 to $1.5M, and 20% on homes of $1.5M or more. Default insurance is required below 20% down and is only available on homes under $1.5M. Premium bands are 0.60% (up to 65% LTV), 1.70% (75%), 2.40% (80%), 2.80% (85%), 3.10% (90%) and 4.00% (95%). In Ontario the 8% PST on the premium is payable at closing and cannot be added to the mortgage.
MINIMUM REQUIRED DOWN PAYMENT
Results are estimates for illustration only and are not an approval or an offer of credit. Calculations use Canadian mortgage conventions (interest compounded semi-annually, not in advance), current CMHC default insurance premium bands, and the OSFI minimum qualifying rate. Actual figures depend on lender policy, property details and credit review. Lijo Abraham — Mortgage Agent Level 1, Pegasus Mortgages (FSRA licensed).