Lower Sackville
CMHC mortgage insurance and down payment calculator
The least you can put down on any price in Canada, the mortgage default insurance premium that comes with it, and what the premium adds to the mortgage and the payment.
How much is CMHC mortgage insurance on a $450,000 home with 5% down?
The mortgage insurance premium is $17,100. With $22,500 down, the minimum, the mortgage is $427,500, 95% of the price, and the premium at that level is 4% of the loan. It is added to the mortgage, making it $444,600, not paid in cash. Sagen and Canada Guaranty charge the same rate. Nova Scotia adds no sales tax.
CMHC mortgage calculator: minimum down payment and insurance premium
This CMHC calculator does two jobs: it is a mortgage default insurance calculator and a minimum down payment calculator. Canada applies the same rules in every province, so it works on any price in the country. Enter a price: the down payment starts at the minimum and follows the price until you type your own, in dollars or as a percentage.
Worked examples at each down payment level
| Down payment | Rate | Premium | Loan-to-value | Total mortgage | Monthly |
|---|---|---|---|---|---|
| Nova Scotia average, $467,585 | |||||
| $23,379 (5%) | 4% | $17,768 | 95% | $461,974 | $2,544.08 |
| $46,759 (10%) | 3.1% | $13,046 | 90% | $433,872 | $2,389.32 |
| $70,138 (15%) | 2.8% | $11,129 | 85% | $408,576 | $2,250.01 |
| $93,517 (20%) | None | $0 | 80% | $374,068 | $2,059.98 |
| Halifax-Dartmouth average, $592,675 | |||||
| $34,268 (5.78%) | 4% | $22,336 | 94.22% | $580,744 | $3,198.14 |
| $59,268 (10%) | 3.1% | $16,536 | 90% | $549,943 | $3,028.52 |
| $88,901 (15%) | 2.8% | $14,106 | 85% | $517,879 | $2,851.94 |
| $118,535 (20%) | None | $0 | 80% | $474,140 | $2,611.07 |
The Halifax-Dartmouth rows cannot start at 5%: above $500,000 the second part of the price needs 10%, so the minimum is $34,268, 5.78% of the price.
- Down payment $22,500
- Mortgage before the premium $427,500
- Insurance premium at 4% $17,100
CMHC premium schedule; the premium is added to the mortgage, so the total borrowed is $444,600. Deed transfer tax and legal fees are separate cash costs.
Go deeper
The detail, if you want it
How the minimum down payment is worked out
The rule is federal and the same in every province: 5% of the first $500,000 and 10% of the remainder (1–2 units). At $1,500,000 or more there is no insured mortgage, so the minimum is 20%. A home with three or four units needs 10%, and a rental you will not live in needs 20%.
| Region | Average price | Minimum down | Premium | Total mortgage |
|---|---|---|---|---|
| Nova Scotia | $467,585 | $23,379 (5%) | $17,768 | $461,974 |
| Halifax-Dartmouth | $592,675 | $34,268 (5.78%) | $22,336 | $580,744 |
| Northern Nova Scotia | $332,251 | $16,613 (5%) | $12,626 | $328,264 |
| Highland Region | $367,859 | $18,393 (5%) | $13,979 | $363,445 |
| Cape Breton | $289,859 | $14,493 (5%) | $11,015 | $286,381 |
| Annapolis Valley | $394,019 | $19,701 (5%) | $14,973 | $389,291 |
| South Shore | $455,127 | $22,756 (5%) | $17,295 | $449,665 |
| Yarmouth | $313,944 | $15,697 (5%) | $11,930 | $310,177 |
Two Nova Scotia programs change the cash you need. The Nova Scotia Down Payment Assistance Program lends eligible first-time buyers 5% of the price, interest-free, for the down payment. The Nova Scotia First-time Homebuyers Program takes 2% to 4% down through credit unions and carries no insurance premium. Both have income and price limits. How the loan works → · Check which program you fit →
The premium schedule: CMHC, Sagen and Canada Guaranty
| Loan-to-value | Premium |
|---|---|
| Up to 65% | 0.6% |
| 65.01% – 75% | 1.7% |
| 75.01% – 80% | 2.4% |
| 80.01% – 85% | 2.8% |
| 85.01% – 90% | 3.1% |
| 90.01% – 95% | 4% |
| 90.01% – 95% (non-traditional down payment) | 4.5% |
Insurance is required with less than 20% down. It is available only on a price under $1,500,000, with a credit score of at least 600. A 30-year amortization adds 0.2 percentage points to each rate: 3%, 3.3%, 4.2%, and 4.7% on a borrowed down payment.
At 80% loan-to-value or less no premium is charged to you. The schedule still lists 0.6% to 2.4% for mortgages a lender chooses to insure, and the lender normally pays that. Sagen and Canada Guaranty charge the same rates as CMHC, so one mortgage insurance calculator covers all three. Nova Scotia charges no provincial sales tax on the premium.
What moves the premium, and what does not
Moves it: every dollar of down payment that crosses a band. Going from 95% to 90% loan-to-value on the provincial average takes the premium from $17,768 to $13,046, a saving of $4,722.
Moves it: a borrowed down payment above 90% loan-to-value, priced at 4.5% instead of 4%. A provincial DPAP loan is a secured second mortgage, and the insurer decides which rate applies to it. DPAP and the premium →
Moves it: a 30-year amortization. On the provincial average at the minimum down payment the surcharge adds $889 to the premium.
Does not move it: which of the three insurers the lender uses, or being a first-time buyer in itself. The schedule is the same.
Insured purchase at $450,000
Insurance premium at 5% down, 4% of the $427,500 mortgage, added to the balance rather than paid in cash
- $22,500Minimum down payment5% of the first $500,000 and 10% of the remainder (1–2 units)
- $444,600Mortgage with the premium added$427,500 before the premium
- NoneProvincial sales tax on the premium in Nova ScotiaCMHC lists Quebec, Ontario and Saskatchewan as charging one, in cash on closing
- $17,768Premium on the August 2026 provincial average$467,585 with the minimum $23,379 down, at 4%
CMHC mortgage loan insurance premium schedule; Nova Scotia Association of REALTORS® / CREA monthly statistics, August 2026. A borrowed (non-traditional) down payment above 90% loan-to-value is priced at 4.5%. At 80% loan-to-value or less no premium is charged to the borrower.
Why a broker
Licensed, independent, paid by the lender
- Licensed in Nova Scotia Associate broker 3001134, verifiable on the provincial register
- $0 broker fee On a standard residential mortgage the lender pays, not you
- Banks, credit unions, monolines One application, one credit check, placed with the lender that reads your file best
- Every part of the province Bedford office, remote process: Yarmouth to Sydney, the same four steps
Questions people ask
How much do I need for a down payment in Nova Scotia?
The federal minimum applies here as everywhere in Canada: 5% of the first $500,000 and 10% of the remainder (1–2 units), and 20% on a price of $1,500,000 or more, where no insured mortgage exists. On the August 2026 provincial average of $467,585 that is $23,379; on the $592,675 Halifax-Dartmouth average, $34,268, because the part above $500,000 needs 10%.
How much does 10% down save compared with 5%?
On the $467,585 provincial average, 5% down ($23,379) carries a 4% premium of $17,768; 10% down ($46,759) drops the rate to 3.1% and the premium to $13,046. The extra $23,380 of down payment saves $4,722 of premium and lowers the mortgage by $28,102.
Is mortgage default insurance cheaper from Sagen and Canada Guaranty than from CMHC?
No. CMHC, Sagen and Canada Guaranty charge the same premium rates: 2.8%, 3.1% and 4% of the mortgage with less than 20% down, and 4.5% above 90% loan-to-value when the down payment is borrowed. You do not pick the insurer; the lender sends the file to one of the three, and the premium is the same wherever it goes.
Can I buy a $1,500,000 home with less than 20% down?
No. An insured mortgage is available only on a price below $1,500,000, so at that price and above the minimum down payment is 20%: $300,000 on $1,500,000. One dollar under, at $1,499,999, the minimum is $125,000 and the premium at 4% is $55,000.
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(902) 298-0218 · Monday to Friday, 8:00 am to 10:00 pm Atlantic