For a modular curve X=X0(N)$X = X_0(N)$, X1(N)$X_1(N)$ or X1(M,N)$X_1(M,N)$ defined over Q$\mathbb {Q}$, we denote by dCM(X)$d_{\operatorname{CM}}(X)$ the least degree of a CM point on X$X$. For each discriminant normalΔ<0$\Delta < 0$, we determine the least degree of a point on X0(N)$X_0(N)$ with CM by the order of discriminant Δ$\Delta$. This places us in a position to study dCM(X)$d_{\operatorname{CM}}(X)$ as an ‘arithmetic function’ and we do so, obtaining various upper bounds, lower bounds and typical bounds. We deduce that all but finitely many curves in each of the families have sporadic CM points. Finally, we supplement these results with a computational study, for example, computing dCM(X0false(Nfalse))$d_{\operatorname{CM}}(X_0(N))$ and dCM(X1false(Nfalse))$d_{\operatorname{CM}}(X_1(N))$ exactly for N⩽106$N \leqslant 10^6$ and determining whether X0(N)$X_0(N)$ (respectively, X1(N)$X_1(N)$, X1(M,N)$X_1(M,N)$) has sporadic CM points for all but 106 values of N$N$ (respectively, 227 values of N$N$, 146 pairs false(M,Nfalse)$(M,N)$ with M⩾2$M \geqslant 2$).