Comparison

Down Payment Impact

See how the same home plays out at four different down payment levels, including Canadian CMHC insurance.

$800,000
5.00%
25 yrs

Minimum down payment for this price: $55,000.

5% downBelow minimum
$40,000 down · $790,400 mortgage · $30,400 CMHC
$4,597.01
per month
10% down
$80,000 down · $742,320 mortgage · $22,320 CMHC
$4,317.37
per month
15% down
$120,000 down · $699,040 mortgage · $19,040 CMHC
$4,065.65
per month
20% downLowest carry
$160,000 down · $640,000 mortgage
$3,722.27
per month

CMHC insurance premium is added to your mortgage on down payments under 20%. Federal rules: 5% on the first $500K, 10% on the portion from $500K to $1.5M, 20% above $1.5M.

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What this calculator helps you explore

How the same home behaves at different down payment levels once default insurance enters the picture.

What the estimate considers

  • The same price at several down payment levels
  • The default insurance premium at each level
  • The resulting mortgage and monthly payment

What it may not capture

  • Minimum down payment rules for the specific price and property type
  • Whether the funds are eligible, including gifts and borrowed down payments
  • Land transfer tax and other closing costs, which the Ontario Land Transfer Tax tool covers

A practical example

Reaching 20% down removes the insurance premium, but it also uses cash that could cover closing costs. Compare the payment saving against the cash you would have left.

Assumptions and sources

  • Insurance premium tiers of 5% on the first $500,000, 10% from $500,000 to $1.5M and 20% above $1.5M for the minimum down payment calculation
  • Semi-annual compounding

Content placeholder for Athena: Confirm the insured premium percentages and minimum down payment thresholds shown, so this page matches current insurer rules.

Last reviewed: pending Athena's review

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