# How much CMHC fee do I need to pay if I cannot put 20% down on a new home

I am trying to calculate how much CMHC fee I will need to pay if I can only put in 10% downpayment on a new home as opposed to 20%.

So as per this calculator:

It shows:8640.

My question is: is the amount 8640 the total premium over the 5 yr term of the mortgage, or is it the premium I pay for each of the first 5 years of the mortgage? I assume that after five years, my total equity would become at least 20%, hence on the subsequent term I need not pay any CMHC fee.

• Hi Victor, can you slip in a link to the site the calculator came from? – JTP - Apologise to Monica Mar 20 '15 at 19:25
• Have you tried clicking on the link that says "See Table of Premiums (opens in a new window)"? – Dilip Sarwate Mar 24 '15 at 19:48

## 1 Answer

It's a one time payment, usually just added to the mortgage. You will have a mortgage of \$400k +\$8,640 - the \$40k downpayment = \$368,640. The mortgage will be insured for the entire life of the mortgage regardless of the term you choose.

• Or, as the image shows, it can be paid in a lump sum up front. – Dilip Sarwate Mar 24 '15 at 19:50