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Canada Mortgage & Housing Corp. is required to insure all mortgages that are less than 20% down payment (also called high ratio mortgage). Can be added to principal mortgage amount or paid at closing.
An affordable form of insurance
The premium for your Mortgage Loan Insurance is calculated as a percentage of the loan and is based on your down payment as a percentage of your home's purchase price.
- Premiums range from 0.5% to 2.75% (see chart below).
- A .25% premium surcharge is added to the premium if you choose a standard variable rate mortgage.
- A .50% surcharge is added to the premium if progress advances are required.
- You can pay this premium in a single lump sum, or add it to your mortgage and include it in your monthly payments.
- A representative of your lender or mortgage broker will calculate the amount of your premium for you, as well as the application fee.
| Table of Insurance Premiums | |
| Loan Size Single Advance (% of purchase price) |
Premium (% of Loan) |
| Up to and including 65% | 0.50% |
| Up to and including 75% | 0.75% |
| Up to and including 80% | 1.00% |
| Up to and including 85% | 1.75% |
| Up to and including 90% | 2.00% |
| Up to and including 95% | 2.75% |