CMHC/SCHL Premium Calculator

Estimate the cost of CMHC/SCHL mortgage insurance and see how it affects your mortgage payments, with interactive charts. This calculator applies current Canadian insurance rules, including minimum down payments, amortization limits, provincial taxes, and the long-term cost of financing the insurance premium.

Purchase price
$
Down payment
%
Province
Amortization
years
Interest rate
%
Total CMHC/SCHL
$
Note: This estimate uses the CMHC/SCHL premium rate schedule as a proxy for Sagen / Canada Guaranty (small differences may exist).
CMHC/SCHL rate
Total loan incl. CMHC/SCHL
$
⚠️ CMHC/SCHL insurance premiums and eligibility rules are based on current public guidelines and may change. Actual premiums, taxes, and amortization eligibility may vary depending on borrower profile, property type, province, and insurer or lender requirements.

Down payment decision helper

Compare common down payment targets. The bar chart mirrors the table below.

Down payment Premium rate Premium Monthly impact

The real cost over time

The "Interest on the premium"

Often forgot - Since the premium is added to your loan, you will pay interest on it for the entire amortization period (e.g., 25 years). Our calculator shows you the true total cost for full transparency.
Total interest cost on the premium
$

Don't forget the tax on premium!

Important: The CMHC/SCHL premium is added to your mortgage, but the sales/provincial tax on that premium must be paid in cash at the notary. This is a closing cost many buyers forget to budget for!
Tax on CMHC/SCHL (Paid at notary)
$
📚 How the premium rate is determined (2026)

We compute the Loan-to-Value (LTV) from your purchase price and down payment, then apply the CMHC/SCHL rate tier. If your amortization is over 25 years (and the scenario is eligible), a surcharge can apply.

About CMHC/SCHL mortgage insurance premium

In Canada, if your down payment is below 20% on an eligible home purchase, mortgage default insurance is typically required. The premium is calculated as a percentage of the insured mortgage amount and depends on your down payment percentage.

Enter purchase price and down payment. The calculator converts $/% like the mortgage page and returns the premium rate, premium amount and insured loan total.

Sources

FAQ

What is CMHC (and is it the same as “SCHL”)?

CMHC is the Canada Mortgage and Housing Corporation. “CMHC” and “SCHL” are commonly used as shorthand for mortgage default insurance (also offered by Sagen and Canada Guaranty). It protects the lender, and the buyer pays the premium.

When is mortgage insurance required?

It’s typically required when your down payment is less than 20% and your mortgage meets insured lending criteria. With 20%+ down, the premium is usually $0.

How is the premium calculated?

The premium rate is mainly based on your loan-to-value (down payment percentage). Smaller down payments generally mean a higher premium rate. The premium is applied to the base mortgage amount (purchase price minus down payment).

Is the premium added to my mortgage?

Often yes. Many lenders add the premium to the loan amount, increasing the financed balance.

Why does the calculator show a “real cost” over time?

Because if the premium is financed, you pay interest on it over your amortization. The calculator estimates the extra interest cost using your current rate and amortization.

Do I pay tax on the CMHC/SCHL premium?

In some provinces, a provincial tax applies to the insurance premium and is typically paid in cash at closing (it usually can’t be added to the mortgage). Many provinces apply 0%.

Can I use a 30-year amortization with <20% down?

Sometimes. Current public rules may allow longer amortizations for certain scenarios (e.g., eligible first-time buyers or some new builds). If not eligible, the calculator uses 25 years for insured premium math.

Are these results exact?

No - this is an estimate. Premiums, taxes, and eligibility rules can change, and lenders/insurers may differ slightly. Always confirm with your lender or broker.