Real Estate Agents previewing MLS listings, Homes For Sale & Condos For Sale by Century 21 Realtors

Monday February the 6th, 2012 

A Real Estate Site showcasing MLS listings info by Real Estate Agents & Realtors. Providing  North York condos for sale, Markham homes for sale, Scarborough houses for sale, Downtown condos etc. Neighbourhoods Data for first time home buyers & investing

Ram Rajendram , B.Sc., CA ,  Broker                                                   Free Home Evaluation

Direct: (416) 737-7700    24 Hr Pager: (416) 733-2666

 

CMHC Premium Calculator

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

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


Note: HST is due the date of closing and is not rolled into a mortgage.
Purchase Price: $
Downpayment: $
Total CMHC: $
Total HST: $

Mortgage Insurance Premiums Explained

The CMHC Mortgage Loan Insurance premium is 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.

Loan-to-Value Premium on Total Loan Premium on Increase to Loan Amount for Portability and Refinance
Standard Premium Self-Employed without 3rd Party Income Validation Standard Premium Self-Employed without 3rd Party Income Validation**
Up to and including 65% 0.50% 0.80% 0.50% 1.50%
Up to and including 75% 0.65% 1.00% 2.25% 2.60%
Up to and including 80% 1.00% 1.64% 2.75% 3.85%
Up to and including 85% 1.75% 2.90% 3.50% 5.50%
Up to and including 90% 2.00% 4.75% 4.25% 7.00%*
Up to and including 95% 2.75% N/A 4.25%* *
90.01% to 95% —
Non-Traditional Down Payment***		 2.90% N/A * N/A
Extended Amortization Surcharges
Greater than 25 years, up to and including 30 years: 0.20%



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