Mortgage Default Insurance or CMHC Insurance
Canada Mortgage Housing Corporation or Default Mortgage Insurance. CMHC insurance is the mandatory insurance in Canada for down payments between 5% (which is the minimum in Canada) and 19.99%. CMHC Insurance protects lenders in the event if borrower ever stopped making payments and defaulted on mortgage loan.
Easily get your CMHC insurance calculated with Deltaf.
How Deltaf calculate CMHC Insurance?
Default Mortgage Loan insurance premium is calculated as a percentage of the loan which is actually based on the size of down payment. The higher percentage of the total house value that you borrow, the higher percentage you will pay in premium insurance.
How Much Does CMHC Insurance Costs?
deltamo.ca has designed a chart to help you understand how much CMHC costs. For further precise you can also check through CMHC calculator when you are getting the loan.
|
Loan–to-Value |
Premium on Total Loan** |
|
Standard Purchase Premium |
|
| Up to and including 65% | 0.60% |
| Up to and including 75% | 1.70% |
| Up to and including 80% | 2.40% |
| Up to and including 85% | 2.80% |
| Up to and including 90% | 3.10% |
| Up to and including 95% Traditional Down Payment Non-Traditional Down Payment |
4.00% 4.50% |