Mortgage Default Insurance Calculator - 2025
Mortgage Default Insurance helps lenders offer loans to borrowers with insufficient down payments.
If the borrower defaults, the insurance covers the remaining mortgage balance. Use our calculator to estimate your insurance cost.
If the borrower defaults, the insurance covers the remaining mortgage balance. Use our calculator to estimate your insurance cost.
Click Here for Mortgage Default Insurance Calculator
Why I need to pay for this?
If you do not have enough saving for
down payment the lender needs to apply for mortgage
default insurance to secure the loan and he/she will
charge you for that.
The lender usually add the default insurance amount to the mortgage so most of the time it will be seamless unless you want to pay the lender the amount in cash.
If the borrower goes on default then the insurance company will pay the remaining of the loan/mortgage back to the lender. It's important to know that the insurance company will not pay the borrower it will only pay the lender.
The default insurance companies available in Canada are CMHC, Genworth and Canada Warranty
The lender usually add the default insurance amount to the mortgage so most of the time it will be seamless unless you want to pay the lender the amount in cash.
If the borrower goes on default then the insurance company will pay the remaining of the loan/mortgage back to the lender. It's important to know that the insurance company will not pay the borrower it will only pay the lender.
The default insurance companies available in Canada are CMHC, Genworth and Canada Warranty
