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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