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What would your mortgage default insurance cost?
Default insurance premium
$18,400
At 92.0% loan-to-value, over 25 years.
Premium rate
4.00%
PST on premium (cash)
$1,472
Insured mortgage amount
$478,400
Minimum down payment
$25,000
The 8% Ontario sales tax on the premium ($1,472) is due in cash on closing — it can't be added to the mortgage, unlike the premium itself.
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The math
Purchase price$500,000
Down payment$40,000 (8.0%)
Base mortgage$460,000
Loan-to-value92.0%
Premium rate4.00%
Premium amount$18,400
PST on premium (cash, not financed)$1,472
Mortgage amount, insurance added$478,400
What this assumed
Premium bands4% above 90% LTV, 3.1% above 85%, 2.8% above 80%
30-year amortization surcharge+0.2 points, where eligible
Price cap for insured mortgages$1,500,000
Amortizationi
Last reviewed August 2026 · rates and rules from Sources & method
What this number means
Putting down less than 20% means a lender requires default insurance, priced as a percentage of your mortgage that rises the closer your down payment is to the legal minimum. The premium gets added to your mortgage, but the sales tax on it doesn't — that's due in cash.