Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Cambridge homebuyers.
Based on $$660,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $33,000 | $25,080 | $652,080 | $3,782/mo | $3,223/mo |
| 10% | $66,000 | $18,414 | $612,414 | $3,552/mo | $3,027/mo |
| 15% | $99,000 | $15,708 | $576,708 | $3,345/mo | $2,850/mo |
| 20%NO CMHC | $132,000 | $0 ✅ | $528,000 | $3,062/mo | $2,609/mo |
The average home price in Cambridge is approximately $660,000 as of 2026, representing a +2.9% change year-over-year.
Current 5-year fixed rates in Cambridge 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 $660,000 home in Cambridge with 10% down at 4.92%, you would need approximately $106,000/year gross income to meet the GDS ratio of 39%.
For a $660,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $25,080 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.