Compare current fixed and variable mortgage rates, monthly payment estimates, and first-time buyer programs for Cornwall homebuyers.
Based on $$345,000 average home price at current Prince Edward Island rates.
| Down % | Down Amount | CMHC Fee | Mortgage | Monthly Fixed | Monthly Variable |
|---|---|---|---|---|---|
| 5% | $17,250 | $13,110 | $340,860 | $1,965/mo | $1,672/mo |
| 10% | $34,500 | $9,626 | $320,126 | $1,845/mo | $1,570/mo |
| 15% | $51,750 | $8,211 | $301,461 | $1,738/mo | $1,479/mo |
| 20%NO CMHC | $69,000 | $0 ✅ | $276,000 | $1,591/mo | $1,354/mo |
The average home price in Cornwall is approximately $345,000 as of 2026, representing a +3.9% change year-over-year.
Current 5-year fixed rates in Cornwall start around 4.86%, while variable rates start around 3.31%. Credit unions in Prince Edward Island often offer rates 0.25–0.50% below major banks.
To afford a $345,000 home in Cornwall with 10% down at 4.86%, you would need approximately $55,077/year gross income to meet the GDS ratio of 39%.
For a $345,000 home, the minimum down payment is 5% ($17,250). With 5% down, CMHC insurance of $13,110 is added to your mortgage.
With the Bank of Canada holding at 2.25%, variable rates (3.31%) are currently lower than 5-year fixed (4.86%). Variable saves money if rates stay flat or drop, but fixed gives payment certainty. Consult a mortgage broker for your specific situation.