Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Brampton homebuyers.
Based on $$880,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $44,000 | $33,440 | $869,440 | $5,042/mo | $4,297/mo |
| 10% | $88,000 | $24,552 | $816,552 | $4,735/mo | $4,035/mo |
| 15% | $132,000 | $20,944 | $768,944 | $4,459/mo | $3,800/mo |
| 20%NO CMHC | $176,000 | $0 ✅ | $704,000 | $4,083/mo | $3,479/mo |
The average home price in Brampton is approximately $880,000 as of 2026, representing a +1.5% change year-over-year.
Current 5-year fixed rates in Brampton 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 $880,000 home in Brampton with 10% down at 4.92%, you would need approximately $141,323/year gross income to meet the GDS ratio of 39%.
For a $880,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $33,440 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.