Canadian Appraisal Shortfall Calculator
When a property appraises for less than your agreed-upon purchase price, lenders will base your maximum mortgage and CMHC insurance requirements on the appraised value, not the purchase price. Use this tool to calculate the "appraisal gap" and estimate the exact additional cash you'll need on closing day.
Appraisal Gap Analysis
Original Purchase Price:
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Lender Appraised Value:
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The Appraisal Gap:
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Mortgage Changes
Original Planned Mortgage:
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New Max Mortgage Available:
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Mortgage Shortfall:
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CMHC Insurance Now Required
Because you are covering the gap, your effective down payment against the appraised value has fallen below 20%. You will now be subject to CMHC default insurance premiums.
Total Cash Needed to Close:
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(Planned Down Payment + Mortgage Shortfall)
