Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Belleville homebuyers.
Based on $$480,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $24,000 | $18,240 | $474,240 | $2,750/mo | $2,344/mo |
| 10% | $48,000 | $13,392 | $445,392 | $2,583/mo | $2,201/mo |
| 15% | $72,000 | $11,424 | $419,424 | $2,432/mo | $2,073/mo |
| 20%NO CMHC | $96,000 | $0 ✅ | $384,000 | $2,227/mo | $1,898/mo |
The average home price in Belleville is approximately $480,000 as of 2026, representing a +2.9% change year-over-year.
Current 5-year fixed rates in Belleville start around 4.92%, while variable rates start around 3.38%. Credit unions in Ontario often offer rates 0.25–0.50% below major banks.
To afford a $480,000 home in Belleville with 10% down at 4.92%, you would need approximately $77,077/year gross income to meet the GDS ratio of 39%.
For a $480,000 home, the minimum down payment is 5% ($24,000). With 5% down, CMHC insurance of $18,240 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.38%) are currently lower than 5-year fixed (4.92%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.