Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Sarnia homebuyers.
Based on $$420,000 average home price at current Ontario rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $21,000 | $15,960 | $414,960 | $2,407/mo | $2,051/mo |
| 10% | $42,000 | $11,718 | $389,718 | $2,260/mo | $1,926/mo |
| 15% | $63,000 | $9,996 | $366,996 | $2,128/mo | $1,814/mo |
| 20%NO CMHC | $84,000 | $0 ✅ | $336,000 | $1,949/mo | $1,661/mo |
The average home price in Sarnia is approximately $420,000 as of 2026, representing a +3.5% change year-over-year.
Current 5-year fixed rates in Sarnia 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 $420,000 home in Sarnia with 10% down at 4.92%, you would need approximately $67,446/year gross income to meet the GDS ratio of 39%.
For a $420,000 home, the minimum down payment is 5% ($21,000). With 5% down, CMHC insurance of $15,960 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.