Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Amherst homebuyers.
Based on $$220,000 average home price at current Nova Scotia rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $11,000 | $8,360 | $217,360 | $1,256/mo | $1,068/mo |
| 10% | $22,000 | $6,138 | $204,138 | $1,179/mo | $1,003/mo |
| 15% | $33,000 | $5,236 | $192,236 | $1,110/mo | $945/mo |
| 20%NO CMHC | $44,000 | $0 ✅ | $176,000 | $1,017/mo | $865/mo |
The average home price in Amherst is approximately $220,000 as of 2026, representing a +2.5% change year-over-year.
Current 5-year fixed rates in Amherst start around 4.88%, while variable rates start around 3.33%. Credit unions in Nova Scotia often offer rates 0.25–0.50% below major banks.
To afford a $220,000 home in Amherst with 10% down at 4.88%, you would need approximately $35,200/year gross income to meet the GDS ratio of 39%.
For a $220,000 home, the minimum down payment is 5% ($11,000). With 5% down, CMHC insurance of $8,360 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.33%) are currently lower than 5-year fixed (4.88%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.