CMHC Mortgage Insurance Calculator
Mortgage Insurance Calculator
We often get questions such as “How Mortgage CMHC Insurance will I have to pay on my Mississauga Condo?” , “Do I save anything as a first-time buyer?” or “Does it depend on the price of the condo?” This calculator below is great for anyone who is thinking about buying a condo and is facing mortgage insurance question. Use the form below to calculate the amount of mortgage insurance you will have to pay on your Mississauga condo.
And Yes, If your down payment is under 20% of the purchase price, you will need mortgage insurance on your loan.
The calculation is based on the accuracy and completeness of the data you have entered. The information is intended for illustrative and general information purposes only and does not mean that you have been approved for a mortgage loan. Actual payment amounts may differ and will be determined at the time of signing the Mortgage Loan Agreement. The calculator is for residential properties and mortgages. Additional conditions may apply. The calculation assumes a constant interest rate throughout the amortization period. The interest rate shown is calculated either semi-annually not in advance for fixed interest rate mortgages or monthly not in advance for variable interest rate mortgages. These rates are only available for already built, owner-occupied properties with amortization periods of 25 years or less. Lump-sum payments may be subject to a prepayment charge. Provincial sales taxes are added to your premiums, if applicable. The premium is calculated using your age at the time of application. Rates are dependent on underwriting and subject to change at any time without notice.