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This Calculator will help you to determine the CMHC premium for various levels of home downpayment. Please note that you don't have to pay a premium if you put at least 20% of the purchase price as a downpayment. The premium for anything less than 20% down increases as the amount of downpayment decreases. The premium amount is added to your mortgage and is amortized over the term of the mortgage
Financial institutions are required by law to insure all mortgages with a loan to value ratio of less than 80%. This insurance protects the lender against borrower default.
Note: Provicial Sales Tax (8%) is applicable on mortgage insurance premiums, is due the date of closing, and is not rolled into a mortgage. Mortgage insurance premiums are exempt from the full Harmonized Sales Tax.
Canada Mortgage and Housing Corporation (CMHC) is Canada's national housing agency. Established as a government-owned corporation in 1946 to address Canada's post-war housing shortage, the agency has grown into a major national institution. CMHC is Canada's premier provider of mortgage loan insurance, mortgage-backed securities, housing policy and programs, and housing research. More about CMHC can be found at http://www.cmhc.ca
GE Mortgage Insurance Canada together, with its related affiliates, is the largest private sector mortgage insurance company in the world and the only private sector supplier of mortgage insurance in Canada. http://www.genworth.ca
Mortgage loan insurance premiums are calculated as a percentage of the loan and is based on the size of your down payment. The higher the percentage of the total house price/value that you borrow, the higher percentage you will pay in insurance premiums.