Down payment and CMHC calculator
Enter a home price to see the minimum down payment in Canada, and what CMHC mortgage insurance, your total mortgage and your monthly payment would be at 5%, 10%, 15% and 20% down.
Free · No sign-up · Updated October 2026
$45,000minimum down payment (6.43% of the price)
- 5% of the first $500,000
- $25,000
- 10% of the $200,000 above
- $20,000
- CMHC insurance at the minimum (4%)
- $26,200
- Monthly payment at the minimum
- $3,770.26
Estimate. Next step: save it tax-free in an FHSA, then compare mortgage rates.
Down payment options for a $700,000 home
| Down payment | CMHC premium | Total mortgage | Monthly payment |
|---|---|---|---|
| $45,000 6.43% (minimum) | $26,200 4% | $681,200 | $3,770.26 |
| $70,000 10% | $19,530 3.1% | $649,530 | $3,594.97 |
| $105,000 15% | $16,660 2.8% | $611,660 | $3,385.37 |
| $140,000 20% | None 20% or more down | $560,000 | $3,099.45 |
The premium is added to the mortgage. Want to know the price your income supports? Try the mortgage affordability calculator.
How this calculator works
The minimum down payment rule
The minimum is 5% of the first $500,000 of the price plus 10% of the portion above it. Since December 15, 2024, CMHC insures homes priced below $1.5 million; at $1.5 million or more insurance isn’t available, so lenders require 20%. The Financial Consumer Agency of Canada explains the same tiered rule.
When the minimum falls between 5% and 10%, as it does for any price above $500,000, the table adds a row for it.
How the CMHC premium is worked out
With less than 20% down, the mortgage must be insured. The premium is a percentage of the loan set by CMHC: 4.00% for 5% to 9.99% down, 3.10% for 10% to 14.99% and 2.80% for 15% to 19.99%. It’s added to the mortgage, and a 30-year amortization adds 0.20 points under CMHC’s Home Start rules.
CMHC notes that Ontario, Quebec and Saskatchewan charge provincial sales tax on the premium and that it can’t be added to the loan. It isn’t included in these figures. Other insurers, Sagen and Canada Guaranty, set their own premiums, which are usually similar.
Payments and limits
Monthly payments use semi-annual compounding, as Canadian fixed-rate mortgages do, at the rate you enter. They cover principal and interest only, not property tax, insurance or closing costs.
Results are estimates. Some down payment sources, such as borrowed funds, can change the premium or your eligibility, so confirm with your lender.
Frequently Asked Questions
How much down payment do I need for a house in Canada?
At least 5% of the first $500,000 of the price and 10% of the part above $500,000, for homes under $1.5 million. For a $700,000 home, that’s $25,000 plus $20,000, or $45,000 (about 6.43%). At $1.5 million or more, you need 20%.
How much is a down payment on a $400,000 house?
The minimum is $20,000, or 5%. CMHC insurance at 4.00% would add $15,200, for a mortgage of $395,200 and a payment of about $2,187.33 a month at 4.5% over 25 years. With 20% down ($80,000) there’s no insurance and the payment drops to about $1,771.11.
What is the minimum down payment in Ontario?
The same as everywhere in Canada, since the rule is federal: 5% of the first $500,000 and 10% of the rest, up to $1.5 million. Ontario does charge provincial sales tax on the CMHC premium, which you pay upfront at closing.
How much is CMHC insurance?
CMHC’s premium is 4.00% of the loan with 5% to 9.99% down, 3.10% with 10% to 14.99% down and 2.80% with 15% to 19.99% down. On a $700,000 home with 10% down, that’s 3.10% of $630,000, or $19,530, usually added to the mortgage.
Do I need mortgage insurance with 20% down?
No. Mortgage default insurance is required only when you put down less than 20%. With 20% or more, the loan is a conventional mortgage, though some lenders buy insurance on their side, which you don’t pay for directly.
Do you pay PST on CMHC insurance?
In Ontario, Quebec and Saskatchewan, yes. CMHC says the sales tax can’t be added to the loan, so it’s paid in cash, usually at closing. Other provinces and territories don’t charge it.
What is the down payment on a $1.5 million home?
Homes priced at $1.5 million or more can’t get CMHC insurance, so you need at least 20% down. That’s $300,000 on a $1.5 million home and $320,000 on a $1.6 million home.
Does a 30-year amortization change the CMHC premium?
Yes. Under CMHC’s rules, a 30-year insured amortization is available to first-time buyers or for newly built homes, and it adds 0.20 points to the premium. With 10% down, for example, the premium rises from 3.10% to 3.30%.
How can I save for a down payment faster?
A First Home Savings Account (FHSA) lets first-time buyers contribute up to $8,000 a year and $40,000 in total, deduct contributions from income, and withdraw tax-free for a qualifying home. You can also borrow up to $60,000 from your RRSP through the Home Buyers’ Plan.
Results are estimates for general information, not financial advice. Confirm rates, fees and terms with your card issuer or bank. See our methodology.