Financial institutions are required by law to insure all mortgages with a loan to value (LTV) ratio of less than 80%. This insurance protects the lender against borrower default, enabling you to purchase a home with a lower down payment.
Premiums are calculated as a percentage of the mortgage and depend on the amount of the down payment relative to purchase price. The lower the down payment is, the higher the premiums will be.
|Total purchase price ?|
|Down payment ?|
|Down payment percentage ?||0.00%|
|Mortgage amount ?||0.00|
|Mortgage insurance premium ?||0.00|