What mortgage insurance really costs at 5%, 10%, 15% and 20% down, 2026
On a $700,000 home, 5% down means a $0 insurance premium that, once financed, costs $0 over 25 years. At 20% down there is no premium. This table shows the premium, the sales tax paid at closing, the payment and the lifetime cost at each down payment, for five home prices, using the 2026 CMHC rates.
What the numbers show
- The premium is a percentage of the loan, not the price: 0.60% up to 65% loan-to-value, 1.70% up to 75% loan-to-value, 2.40% up to 80% loan-to-value, 2.80% up to 85% loan-to-value, 3.10% up to 90% loan-to-value, 4.00% up to 95% loan-to-value. Below 80% loan-to-value there is none.
- On $700,000, going from 5% down ($35,000) to 10% ($70,000) removes −$19,530 of premium. Going to 20% ($140,000) removes all $0 and cuts the payment by $581.15 a month.
- Because the premium is added to the mortgage, it earns interest for 25 years. The lifetime cost of the 5% premium on $700,000 is $0: the $0 premium plus $0 of interest on it.
- Ontario (8%), Quebec (9%) and Saskatchewan (6%) charge sales tax on the premium, paid in cash at closing. On $700,000 with 5% down that is $0.00 in Ontario.
- Insured mortgages stop at $1,500,000. At or above that price the minimum down payment is 20% and there is no premium because there is no insurance.
Premium, tax, payment and lifetime cost
Fixed rate 4.5%, 25 years, Ontario for the sales tax line. Lifetime cost is the premium plus the interest paid on it over the amortization.
$400,000 home (minimum down payment $20,000)
| Down payment | Premium rate | Premium | Ontario RST at closing | Mortgage | Monthly payment | Lifetime cost of the premium |
|---|---|---|---|---|---|---|
| 5% ($20,000) | 4.00% | $15,200 | $1,216.00 | $395,200 | $2,187.33 | $25,238 |
| 10% ($40,000) | 3.10% | $11,160 | $892.80 | $371,160 | $2,054.27 | $18,529 |
| 15% ($60,000) | 2.80% | $9,520 | $761.60 | $349,520 | $1,934.50 | $15,807 |
| 20% ($80,000) | none | $0 | $0 | $320,000 | $1,771.11 | $0 |
$500,000 home (minimum down payment $25,000)
| Down payment | Premium rate | Premium | Ontario RST at closing | Mortgage | Monthly payment | Lifetime cost of the premium |
|---|---|---|---|---|---|---|
| 5% ($25,000) | 4.00% | $19,000 | $1,520.00 | $494,000 | $2,734.16 | $31,548 |
| 10% ($50,000) | 3.10% | $13,950 | $1,116.00 | $463,950 | $2,567.84 | $23,163 |
| 15% ($75,000) | 2.80% | $11,900 | $952.00 | $436,900 | $2,418.12 | $19,760 |
| 20% ($100,000) | none | $0 | $0 | $400,000 | $2,213.89 | $0 |
$700,000 home (minimum down payment $45,000)
| Down payment | Premium rate | Premium | Ontario RST at closing | Mortgage | Monthly payment | Lifetime cost of the premium |
|---|---|---|---|---|---|---|
| 5% ($35,000) | below the $45,000 minimum for this price | |||||
| 10% ($70,000) | 3.10% | $19,530 | $1,562.40 | $649,530 | $3,594.97 | $32,429 |
| 15% ($105,000) | 2.80% | $16,660 | $1,332.80 | $611,660 | $3,385.37 | $27,662 |
| 20% ($140,000) | none | $0 | $0 | $560,000 | $3,099.45 | $0 |
$1,000,000 home (minimum down payment $75,000)
| Down payment | Premium rate | Premium | Ontario RST at closing | Mortgage | Monthly payment | Lifetime cost of the premium |
|---|---|---|---|---|---|---|
| 5% ($50,000) | below the $75,000 minimum for this price | |||||
| 10% ($100,000) | 3.10% | $27,900 | $2,232.00 | $927,900 | $5,135.68 | $46,326 |
| 15% ($150,000) | 2.80% | $23,800 | $1,904.00 | $873,800 | $4,836.25 | $39,517 |
| 20% ($200,000) | none | $0 | $0 | $800,000 | $4,427.78 | $0 |
Just under $1.5 million home (minimum down payment $125,000)
| Down payment | Premium rate | Premium | Ontario RST at closing | Mortgage | Monthly payment | Lifetime cost of the premium |
|---|---|---|---|---|---|---|
| 5% ($75,000) | below the $125,000 minimum for this price | |||||
| 10% ($150,000) | 3.10% | $41,850 | $3,348.00 | $1,391,849 | $7,703.51 | $69,488 |
| 15% ($225,000) | 2.80% | $35,700 | $2,856.00 | $1,310,699 | $7,254.36 | $59,277 |
| 20% ($300,000) | none | $0 | $0 | $1,199,999 | $6,641.67 | $0 |
The premium table
| Loan as a share of price | Down payment | Premium |
|---|---|---|
| up to 65% | 35% or more | 0.60% |
| 65% to 75% | 25% to 35% | 1.70% |
| 75% to 80% | 20% to 25% | 2.40% |
| 80% to 85% | 15% to 20% | 2.80% |
| 85% to 90% | 10% to 15% | 3.10% |
| 90% to 95% | 5% to 10% | 4.00% |
Add 0.20% for a 30-year amortization. A borrowed down payment above 90% loan-to-value pays 4.50%. The down payment calculator runs any price, province and down payment, and the mortgage payment calculator adds the closing costs.
Common questions
- How much is CMHC insurance on a $700,000 home?
- With 5% down, $0 (4.00% of the $665,000 loan). With 10% down, $19,530. With 15% down, $16,660. With 20% down, nothing. Add 0.20% of the loan for a 30-year amortization.
- Is the premium paid up front?
- No. It is added to the mortgage and paid off over the amortization with interest. Only the provincial sales tax on it, in Ontario, Quebec and Saskatchewan, is paid in cash at closing.
- Is it worth waiting to save 20%?
- It depends on how long that takes and what prices do meanwhile. The premium on $700,000 with 5% down costs $0 over 25 years. If prices rise more than that while you save the extra $105,000, buying sooner wins. The down payment calculator has a saving timeline.
- Do Sagen and Canada Guaranty charge the same?
- Yes. The two private insurers publish the same premium table as CMHC.
- What is the minimum down payment?
- 5% of the first $500,000 and 10% of the rest, up to $1,500,000. At or above that, 20%.
How to cite this
GlassLayer, "What mortgage insurance really costs at 5%, 10%, 15% and 20% down, 2026", 2026, https://glasslayer.ca/data/cmhc-cost-by-down-payment-2026. Figures from the primary sources listed below, compiled and verified . Reuse is free with a link back.
Sources
Sources
Every figure on this page comes from one of these primary sources. Data last verified .
- CMHC – Premium information for homeowner and small rental loans
- CMHC – Notice: CMHC Revises Homeowner Mortgage Loan Insurance Premiums (2024-06-05)
- Department of Finance Canada – Boldest mortgage reforms in decades come into force today (2024-12-15)
- Department of Finance Canada – Delivering the Boldest Mortgage Reforms in Decades (backgrounder, Sept 2024)
- FCAC – How much you need for a down payment (modified 2025-10-15)
- CMHC – CMHC Purchase (product page)
- Department of Finance Canada – Statement by the DPM and Minister of Finance on the Canadian housing market (2022-12-15)
- OSFI – Minimum qualifying rate for uninsured mortgages (modified 2026-01-29)
- Justice Laws – Interest Act, R.S.C. 1985, c. I-15, s. 6
- Bank of Canada – Bank of Canada maintains the policy rate at 2¼% (2026-09-02)
- Bank of Canada Valet – V80691335 Conventional mortgage 5-year (chartered banks)
- Ontario – Retail Sales Tax: Insurance and benefits plans (updated 2025-06-30)
- Saskatchewan Finance – PST-73 Insurance Contracts (revised April 2020)
- Manitoba Finance – RST Bulletin No. 061 Insurance (revised July 2020)
- CMHC – Debt service calculator (GDS 39% / TDS 44% for insured mortgages; 32% housing-cost rule of thumb)
- FCAC – Buying a home (home buying costs)
- FCAC – Paying off your mortgage faster (prepayment privileges)
- Ontario – Rent increase guideline (2026: 2.1%)
- Government of British Columbia – Rent increases (2026 maximum: 2.3%)
- Bank of Canada – Bank of Canada publishes its 2026 schedule for policy interest rate announcements and other major publications (2025-08-01)
- Bank of Canada – Bank of Canada publishes its 2027 schedule for policy interest rate announcements and other major publications (2026-07-27)
Data verified . Every figure is generated from the same data files that power the calculators, so this page updates when they do.