Vancouver CMHC Insurance

In Canada, homebuyers with less than 20% down payment are required to purchase mortgage default insurance, or CMHC insurance. Mortgage default insurance protects lenders in the event a home buyer defaults on a mortgage. Thanks to this protection, lenders can offer lower mortgage rates for higher risk mortgages and mortgages with lower down payments

Vancouver CMHC Insurance Calculator

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Asking Price

Go  STEP 1 Enter the price of the home you're interested in and press GO. Enter the amount of the mortgage you wish to renew or refinance and press GO.

Down payment	Down payment The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.		Down payment 1 (%)	Down payment 2 (%)	Down payment 3 (%)	Down payment 4 (%)
		minus	Down payment 1 ($)	Down payment 2 ($)	Down payment 3 ($)	Down payment 4 ($)
Amortization period	Amortization period The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period for insurable mortgages is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage.		STEP 2 Choose an amortization period. Amortization period 1 Select 5 years 10 years 15 years 20 years 25 years 30 years 35 years	Amortization period 2 Select 5 years 10 years 15 years 20 years 25 years 30 years 35 years	Amortization period 3 Select 5 years 10 years 15 years 20 years 25 years 30 years 35 years	Amortization period 4 Select 5 years 10 years 15 years 20 years 25 years 30 years 35 years
Mortgage insurance	Mortgage insurance Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount.	plus
Total Mortgage Required		equals	$-	$-	$-	$-

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