Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Calgary homebuyers.
Based on $$620,000 average home price at current Alberta rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $31,000 | $23,560 | $612,560 | $3,542/mo | $3,018/mo |
| 10% | $62,000 | $17,298 | $575,298 | $3,326/mo | $2,834/mo |
| 15% | $93,000 | $14,756 | $541,756 | $3,132/mo | $2,669/mo |
| 20%NO CMHC | $124,000 | $0 ✅ | $496,000 | $2,868/mo | $2,443/mo |
The average home price in Calgary is approximately $620,000 as of 2026, representing a +7.2% change year-over-year.
Current 5-year fixed rates in Calgary start around 4.89%, while variable rates start around 3.35%. Credit unions in Alberta often offer rates 0.25–0.50% below major banks.
To afford a $620,000 home in Calgary with 10% down at 4.89%, you would need approximately $99,262/year gross income to meet the GDS ratio of 39%.
For a $620,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $23,560 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.35%) are currently lower than 5-year fixed (4.89%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.