Down Payment & Mortgage Insurance Calculator
See how a little more down payment could reduce mortgage insurance costs. Compare the 10%, 15%, and 20% thresholds, including Ontario insurance tax.
Enter a home price to explore down payment and mortgage insurance savings.
See how much you could save by increasing your down payment:
The outlined row shows your current choice. Light green rows mark the 10%, 15%, and 20% thresholds. Savings are compared with your current down payment.
| Down payment | Insurance rate | Insurance premium | Ontario tax (8%) | Extra down payment | Total savings |
|---|
Additional down payment increases your home equity. Insurance premiums and Ontario premium tax are expenses you could reduce by reaching a threshold. Ontario premium tax (8%) is a closing cost that must be paid at closing and cannot be added to your mortgage. Only the insurance premium is included in the financed mortgage amount. Savings shown exclude interest and other closing costs.
Estimates assume a standard eligible owner-occupied purchase with a traditional down payment and standard CMHC premium rates. Different programs, loan terms, insurer assessments, and lender requirements can change actual costs. Insurance may still be required by some lenders even at 20% down.
Want to understand why a 10% down payment can save thousands? Read my article about the 10% down payment threshold.
Choosing the right mathematician as your mortgage specialist could save you thousands.
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