Mortgage default insurance, which is commonly referred to as CMHC insurance, is mandatory in Canada for down payments between 5% (the minimum in Canada) and 19.99%. Mortgage default insurance protects lenders, in the event a borrower ever stopped making payments and defaulted on their mortgage loan.
This tool helps you estimate the CMHC premium payable when you are purchasing a home, based on the purchase price, down payment and the amortization period.
Disclaimer: The calculators on the website are for illustrative purposes only.
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