Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Grand Falls-Windsor homebuyers.
Based on $$195,000 average home price at current Newfoundland rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $9,750 | $7,410 | $192,660 | $1,112/mo | $946/mo |
| 10% | $19,500 | $5,441 | $180,941 | $1,044/mo | $888/mo |
| 15% | $29,250 | $4,641 | $170,391 | $983/mo | $837/mo |
| 20%NO CMHC | $39,000 | $0 ✅ | $156,000 | $900/mo | $766/mo |
The average home price in Grand Falls-Windsor is approximately $195,000 as of 2026, representing a +2.5% change year-over-year.
Current 5-year fixed rates in Grand Falls-Windsor start around 4.87%, while variable rates start around 3.32%. Credit unions in Newfoundland often offer rates 0.25–0.50% below major banks.
To afford a $195,000 home in Grand Falls-Windsor with 10% down at 4.87%, you would need approximately $31,169/year gross income to meet the GDS ratio of 39%.
For a $195,000 home, the minimum down payment is 5% ($9,750). With 5% down, CMHC insurance of $7,410 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.32%) are currently lower than 5-year fixed (4.87%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.