OTTAWA, ONTARIO--(Marketwire - Nov. 17, 2011) - Canada Mortgage and Housing Corporation (CMHC) has launched its Premium Calculator, a new tool to support Canadian homebuyers. With this easy-to-use online calculator, potential homebuyers can quickly estimate mortgage insurance premiums allowing them to make better-informed home buying decisions.

"Through our online tools and publications, CMHC continues to support efforts to improve financial literacy while helping Canadians understand their mortgage options," said Pierre Serré, Vice President, Insurance Product and Business Development. "The Premium Calculator is the latest addition to CMHC's suite of resources that support Canadian homebuyers."

The launch of the new calculator coincides with the first ever Financial Literacy Month, a collaborative effort between the Financial Consumer Agency of Canada (FCAC) and the Financial Literacy Action Group (FLAG). FLAG members have joined forces to develop a series of activities and events across the country to help inform Canadians about the multiple programs and services available across Canada.

"As the Government of Canada's lead agency on financial literacy, we are pleased to be working with FLAG to bring Financial Literacy Month to Canadians," says Ursula Menke, Commissioner of the Financial Consumer Agency of Canada (FCAC). "We are confident that Financial Literacy Month will increase awareness of the need for financial literacy in Canada and encourage Canadians to enhance their financial knowledge."

Buying a home is one of the biggest financial decisions most Canadians will make in their lifetimes. CMHC is committed to supporting homebuyers throughout their decision making process and offers a variety of calculators, tools and publications to support Canadians throughout this process.

The Premium Calculator joins the Household Budget Calculator, Mortgage Payment Calculator and Mortgage Affordability Calculator as easy to use online resources. These online tools are complemented by a range of publications, such as Homebuying Step-by-Step and the Condominium Buyers' Guide, that support Canadian homeowners and homebuyers as they pursue their housing goals.

For more than 65 years, CMHC has shared a wealth of knowledge and housing expertise, as well as useful tools and guidance, to help Canadians enjoy an informed and assured homebuying and homeownership experience.