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smartPRO RealtyRajesh Babu Naidu, REALTOR®

Down payment & CMHC calculator

Find the minimum down payment for any price and compare default insurance and payments at different down payments.

Example only.

The rules, in short

5% of the first $500,000, then 10% of the part from $500,000 to $1.5 million. From $1.5 million, 20% of the whole price. Under 20% down, the mortgage needs default insurance. These minimums are for one- or two-unit homes you will live in; three- or four-unit homes need at least 10% down.

Minimum down payment

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Compare down payments
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How this estimate works

Premiums use the standard CMHC rates: 4.00% of the loan with 5–9.99% down, 3.10% with 10–14.99%, 2.80% with 15–19.99%, plus 0.20% for a 30-year amortization. The premium is added to the mortgage. Rows below the legal minimum for the price are not shown. Rental properties usually need at least 20% down.

Estimates are for illustration only. They are not a mortgage offer, approval, appraisal or tax advice. Confirm the numbers with your lender, lawyer or accountant.

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