Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Peterborough homebuyers.
Based on $$590,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $29,500 | $22,420 | $582,920 | $3,381/mo | $2,881/mo |
| 10% | $59,000 | $16,461 | $547,461 | $3,175/mo | $2,706/mo |
| 15% | $88,500 | $14,042 | $515,542 | $2,990/mo | $2,548/mo |
| 20%NO CMHC | $118,000 | $0 ✅ | $472,000 | $2,737/mo | $2,333/mo |
The average home price in Peterborough is approximately $590,000 as of 2026, representing a +2.5% change year-over-year.
Current 5-year fixed rates in Peterborough 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 $590,000 home in Peterborough with 10% down at 4.92%, you would need approximately $94,738/year gross income to meet the GDS ratio of 39%.
For a $590,000 home, the minimum down payment is 5% on first $500K + 10% on remainder. With 5% down, CMHC insurance of $22,420 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.