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Pragmatic Mortgage Lending

Insurer premium calculator

Estimate default insurance premiums, PST, and total capitalized amounts.

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Insurer premium calculator

Estimate default insurance premiums, regional taxes, and the total capitalized amount.

Calculation notes

Methodology for the insurer premium calculator

Estimate your CMHC, Sagen, or Canada Guaranty mortgage default insurance premium based on your down payment percentage and purchase price.

See how the premium changes at each down payment threshold — 5%, 10%, 15%, and 20% — and understand premium tax rules by province.

Calculate the total mortgage amount including the financed premium and the resulting monthly payment impact.

Use it to decide whether reaching the next down payment tier is worth the extra savings effort.

Inputs to check

  • Purchase price and down payment
  • Amortization length
  • Province for premium tax (if applicable)

Assumptions

  • Uses published insurer premium tables from CMHC, Sagen, and Canada Guaranty.
  • Premium rates may change over time — verify with your broker for current rates.
  • Provincial sales tax on premiums applies in Ontario (8%), Quebec (9%), and Saskatchewan (6%).
  • Premium can be financed into the mortgage balance in most cases; PST is usually paid upfront.

Related tools

Minimum down paymentInsured ratesCash to closeCMHC vs Sagen vs Canada Guaranty

How this calculator works

Estimate your CMHC, Sagen, or Canada Guaranty mortgage default insurance premium based on your down payment percentage and purchase price.

See how the premium changes at each down payment threshold — 5%, 10%, 15%, and 20% — and understand premium tax rules by province.

Calculate the total mortgage amount including the financed premium and the resulting monthly payment impact.

Use it to decide whether reaching the next down payment tier is worth the extra savings effort.

Inputs you will need

  • Purchase price and down payment
  • Amortization length
  • Province for premium tax (if applicable)

Assumptions and limitations

  • Uses published insurer premium tables from CMHC, Sagen, and Canada Guaranty.
  • Premium rates may change over time — verify with your broker for current rates.
  • Provincial sales tax on premiums applies in Ontario (8%), Quebec (9%), and Saskatchewan (6%).
  • Premium can be financed into the mortgage balance in most cases; PST is usually paid upfront.

Example scenarios

10% down on $700K

Premium is 3.10% of the mortgage amount — roughly $19,530 — typically added to the mortgage balance, increasing it from $630K to $649,530.

15% vs 20% down comparison

On $600K purchase: 15% down = $90K with $14,280 premium. 20% down = $120K with zero premium. Extra $30K down saves $14,280 — an effective 47.6% return on the incremental down payment.

5% down minimum scenario

On $500K at 5% down ($25K), premium is 4.00% of $475K = $19,000. Total mortgage becomes $494,000 — nearly the purchase price.

Ontario PST on premiums

Ontario charges 8% PST on insurer premiums. On a $19,000 premium, that adds $1,520 in tax — typically paid upfront at closing, not financed.

Related tools

Minimum down paymentInsured ratesCash to closeCMHC vs Sagen vs Canada Guaranty

Turn this purchase result into a plan

Pair the calculator output with the right buyer guide, then pressure-test lender fit, down payment, and closing-day cash before you make an offer.

Guides

Read the Canada-specific playbook before you commit to the next step.

How to buy a home in CanadaFirst-time home buyer guideClosing costs checklist

Execution

Use the broker workflow, rates pages, or secure dashboard to move from estimate to action.

Purchase servicePre-approval serviceFirst-time buyer service

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Frequently asked questions

Do I pay the premium upfront?

Most borrowers add the premium to the mortgage balance and pay it off over the amortization. On a $630K mortgage with $19,530 premium, your new balance becomes $649,530. Provincial sales tax on premiums (where applicable) is typically paid upfront at closing.

Are insurer premiums refundable?

Generally no, but some insurers offer partial refunds if you refinance or sell within the first two to three years. The refund amount decreases with time. CMHC's refund program provides a partial rebate on a sliding scale.

How does amortization length affect the premium?

Longer amortizations increase premiums — roughly 0.20% higher for 30-year vs 25-year at the same down payment level. On a $500K mortgage with 10% down, that 0.20% difference is ~$900 over the premium life.

Are premiums the same across CMHC, Sagen, and Canada Guaranty?

The three insurers use nearly identical premium rate tables. Differences emerge in underwriting guidelines: Sagen and Canada Guaranty may be more flexible on certain property types or borrower profiles than CMHC. Your broker can place the file with the best-fit insurer.

Can self-employed borrowers get insured mortgages?

Yes, but qualifying may be more difficult. Self-employed borrowers must document income with two years of T1 Generals. Some insurers offer stated-income programs for strong self-employed files at slightly higher premiums.