Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Oshawa homebuyers.
Based on $$720,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $36,000 | $27,360 | $711,360 | $4,125/mo | $3,516/mo |
| 10% | $72,000 | $20,088 | $668,088 | $3,874/mo | $3,302/mo |
| 15% | $108,000 | $17,136 | $629,136 | $3,649/mo | $3,109/mo |
| 20%NO CMHC | $144,000 | $0 ✅ | $576,000 | $3,340/mo | $2,847/mo |
The average home price in Oshawa is approximately $720,000 as of 2026, representing a +2.2% change year-over-year.
Current 5-year fixed rates in Oshawa 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 $720,000 home in Oshawa with 10% down at 4.92%, you would need approximately $115,631/year gross income to meet the GDS ratio of 39%.
For a $720,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $27,360 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.