Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Milton homebuyers.
Based on $$890,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $44,500 | $33,820 | $879,320 | $5,100/mo | $4,346/mo |
| 10% | $89,000 | $24,831 | $825,831 | $4,789/mo | $4,081/mo |
| 15% | $133,500 | $21,182 | $777,682 | $4,510/mo | $3,843/mo |
| 20%NO CMHC | $178,000 | $0 ✅ | $712,000 | $4,129/mo | $3,519/mo |
The average home price in Milton is approximately $890,000 as of 2026, representing a +1.7% change year-over-year.
Current 5-year fixed rates in Milton 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 $890,000 home in Milton with 10% down at 4.92%, you would need approximately $142,923/year gross income to meet the GDS ratio of 39%.
For a $890,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $33,820 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.