- CMHC’s standard mortgage loan insurance premiums will be changing as follows:
Loan-to-Value Ratio Standard Premium (Current) Standard Premium (Effective March 17, 2017) Up to and including 65% 0.60% 0.60% Up to and including 75% 0.75% 1.70% Up to and including 80% 1.25% 2.40% Up to and including 85% 1.80% 2.80% Up to and including 90% 2.40% 3.10% Up to and including 95% 3.60% 4.00% 90.01% to 95% – Non-Traditional Down Payment 3.85% 4.50%
Down payment between 10% and 14.99% Loan Amount $150,000 $250,000 $350,000 $450,000 $550,000 $850,000 Increase to Monthly Mortgage Payment $4.94 $8.23 $11.52 $14.81 $18.10 $27.98 Based on a 5 year term @ 2.94% and a 25 year amortization
Down payment between 15% and 19.99% Loan Amount $150,000 $250,000 $350,000 $450,000 $550,000 $850,000 Increase to Monthly Mortgage Payment $7.06 $11.75 $16.46 $21.16 $25.86 $39.96
Keep in mind that to avoid paying the CMHC premiums in most cases, you will need to put 20% down.