BAJANI MORTGAGE
Your Pathway to Homeownership.
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Down Payment & CMHC Insurance Calculator
See the minimum down payment for any Ontario home, what CMHC insurance will cost, and how much you'd save by putting more down.
Your Purchase
Pre-filled with today's lowest advertised fixed rate.
Max 25 years under 20% down; 30 for first-time buyers, new builds or 20%+ down.
Minimum Down Payment
$40,000
CMHC Premium
$24,400
4.00%
Total Mortgage
$634,400
Monthly Payment
$3,455/mo
Your Scenario
- Purchase price
- $650,000
- Buyer type
- First-time buyer
- Down payment
- $40,000 (6.2%)
- Interest rate
- 4.34%
- Amortization
- 25 years
Your Minimum Down Payment
Minimum Down Payment
$40,000
5% of the first $500,000 ($25,000) + 10% of the rest ($15,000)
Your Down Payment
$40,000
6.2% of the price
Meets the Minimum
Yes
Default insurance applies under 20%
Your CMHC Insurance and Mortgage
CMHC Premium
$24,400
4.00% of the loan, added to the mortgage
Sales Tax on Premium
$1,952
8% Ontario PST, paid in cash at closing
Total Mortgage
$634,400
Monthly Payment
$3,455/mo
4.34%, 25 years
Insurers include CMHC, Sagen and Canada Guaranty; their premiums are generally the same.
Compare Down Payments
| Down Payment | CMHC Rate | Premium | PST (Cash) | Mortgage | Payment |
|---|---|---|---|---|---|
| $40,000 (6.2%) (yours) | 4.00% | $24,400 | $1,952 | $634,400 | $3,455/mo |
| $65,000 (10.0%) | 3.10% | $18,135 | $1,451 | $603,135 | $3,285/mo |
| $97,500 (15.0%) | 2.80% | $15,470 | $1,238 | $567,970 | $3,093/mo |
| $130,000 (20.0%) | None | $0 | $0 | $520,000 | $2,832/mo |
Each row uses the longest amortization allowed for that down payment, up to the amortization entered.
Reach 10% Down
Extra Down Payment
$25,000
$65,000 in total
Insurance Saved
$6,766
Premium + sales tax
Lower Payment
$170/mo
CMHC Premium Rates
| Down Payment | Premium (% of loan) |
|---|---|
| 5% to 9.99% | 4.00% |
| 10% to 14.99% | 3.10% |
| 15% to 19.99% | 2.80% |
| 20% or more | None |
Add 0.20% for an insured amortization over 25 years (available to first-time buyers and on new builds). Default insurance isn't available at $1,500,000 and above.
Where Your Down Payment Can Come From
- First Home Savings Account (FHSA): contribute up to $8,000 a year, $40,000 in total, and withdraw it tax-free for your first home.
- RRSP Home Buyers' Plan: first-time buyers can withdraw up to $60,000 each from their RRSPs and repay it over time.
- A gift from immediate family, with a signed gift letter confirming it doesn't need to be repaid.
- Your own savings, with a 90-day history lenders can verify.
- London buyers may also qualify for the City of London's down payment assistance program. See our first-time buyer page for details.
What This Means for You
With 6.2% down, a CMHC premium of about $24,400 is added to your mortgage, and about $1,952 in sales tax is due in cash at closing.
Putting $25,000 more down would reach 10% and save about $6,766 in insurance and $170 a month.
A licensed mortgage professional can confirm your down payment sources and the best structure for your purchase.
Your Pathway to Homeownership Starts With Understanding Your Numbers
Your calculator results are estimates. Nandan Bajani can help you review your situation and understand your mortgage options.
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