1. Should we put all of the money from the sale of our home towards the new house?
No.
2. Should we only put down 20% and use the rest for the car/student loan?
Put at least 20% down. Pay the car and student loan. How much is left? See what none wrote above.
3. Why does the CMHC calculator still say we will have a 1% fee even with a 20% payment?
No idea.
4. Should we pay ALL of the debt off and use the remainder for the down payment? (this would allow us to contribute extra money each year towards the mortgage).
Probably not. See response to question 2. It's probably worth having some liquid funds in a TFSA plus investment accounts.
5. What exactly are CMHC fees?
Insurance premiums paid by you to cover the risk of default. Total sunk cost on your end.
6. Mortgage insurance vs personal life insurance (we both have 1X our salary through work plans at no cost)?
NO MORTGAGE INSURANCE. If you need more life insurance, buy term life insurance. Don't buy mortgage life insurance; it is a "bad deal" on several counts.
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