High Ratio Mortgage Insurance
See how much mortgage insurance you will pay on a high ratio mortgage.
Mortgage default insurance is mandatory in Canada for down payments between 5% (the minimum in Canada) and 19.99%.
The maximum amortization for insured mortgages is 25 years. Mortgage default insurance is not available on homes purchased for more than
$1 million which means that a 20% down payment is required on these homes. If the purchase price is between $500,000 and $999,999, the
minimum down payment is 5% of the first $500,000 and 10% of the remaining amount.
|
Purchase price
|
A |
500,000
|
500,000
|
500,000
|
500,000
|
|
Down payment percent
|
5.00%
|
10.00%
|
15.00%
|
20.00%
|
|
|
Down payment amount
|
B |
25,000
|
50,000
|
75,000
|
100,000
|
|
Mortgage insurance rate
|
4.00%
|
3.10%
|
2.80%
|
0.00%
|
|
|
Mortgage insurance amount
|
C |
19,000
|
13,950
|
11,900
|
0
|
|
Total mortgage required
(A minus B plus C) |
494,000
|
463,950
|
436,900
|
400,000
|
|
|
Mortgage interest rate
|
5.00%
|
5.00%
|
5.00%
|
5.00%
|
|
|
Amortization (years)
|
25
|
25
|
25
|
25
|
|
|
Monthly payment
|
2,873.13
|
2,698.36
|
2,541.03
|
2,326.42
|
|
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