: 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

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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.

Source:http://www.cmhc-schl.gc.ca/en/co/buho/buho_023.cfm

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