Newfoundland and Labrador Mortgage Calculator

?
Enter the amount that you are planning on paying for the property
Property Value
STEP 1
Enter property purchase price
Haven't found a property to purchase yet?
Option #1
Option #2
Option #3
Option #4
?
Enter the amount that you will pay upfront
toward the property to obtain a mortgage
Down Payment
?
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
Mortgage Insurance
+
$19,000
$13,950
$11,900
$0.00
?
Total mortgage amount is calculated by subtracting
the down payment from the property price and adding
CMHC mortgage insurance (if applicable)
Mortgage Required
=
$494,000
$463,950
$436,900
$400,000
?
Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
Amortization Period
?
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
Select Province
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
Mortgage Type
?
Mortgage term is the duration of time that you
are committed to a lender, rate and conditions
Mortgage Term
?
Mortgage rate is the interest rate that you will
be paying on the outstanding balance for the
duration of the mortgage term
Mortgage Rate
Select
Select
Select
Select
STEP 3
Select one of the mortgage
rates currently available
?
Please select how often you would like
to make your mortgage payments.
Payment Frequency
?
Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
Mortgage Payment
?
This is an estimate of how much you should expect
to spend upfront in order to make this purchase
Cash Needed
Down Payment
$25,000
$50,000
$75,000
$100,000
Mortgage Insurance PST
+
$0
$0
$0
$0
Lawyer Fee
+
$1,000
$1,000
$1,000
$1,000
Title Insurance
+
$500
$500
$500
$500
Land Transfer Tax
+
Total Cash Needed
=
$28,020*
$52,616*
$77,457*
$101,500*
* Plus Land Transfer Tax, please select Newfoundland and Labrador city to calculate Land Transfer Tax

Contact Us

First Name
Last Name
Email
Phone
Message (Optional)
OR CALL
1.877.896.6727

Newfoundland and Labrador Mortgage Calculator Examples

Seeing Is Believing!! This Spacious Multi-Level Just Could Be Just What You Are Looking For. The Main Floor Has A Large Living Room, With Fireplace Family Room Of Eat-In Kitchen, Separate Dining Room, Den & Bedroom With Adjoining Bathroom & Laundry. The Upstairs Has A Master Bedroom With Ensuite & Walk-In Closet & 2 Other Bedrooms. All Hardwood & Ceramic On This Level. Open Basement. Hot Water Radiation Heat That Can Be Either Electric Or Oil Plus A Generex In The Event Of A Power Outage. Detached Shed, Paved Driveway & A Large Professionally Manicured Greenbelt Lot 70 X 120. Who Could Ask For Anything More At This Price? (Id:23934)
CALL1.877.896.6727
Property Price
$299,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,950
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$339
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,789
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,789
Monthly Payment
$1,230
Lovely Home Centrally Located On An Extra Large Lot, Close To All The Amenities Of Mount Pearl And St. John's. Just A Short Distance To The New Galway Development, Avalon And Village Malls. The Main Level Has An Updated Kitchen And Cozy Living Room. Upstairs You Will Find A Large Master, Second Bedroom And Renovated Washroom. In The Basement There Is An Extra Bedroom, Recreation Room, Storage Room And Laundry. This Home Has Seen Many Upgrades In Recent Years Including New A New Kitchen, Updated Washroom And Plumbing , New Laminate Floors, New Electric Heaters, Programable Thermostats And New Vinyl Windows. Also Has Rear Yard Access, Fully Fenced, Two Tier Decking And A 10X12 Storage Shed. (Id:23934)
CALL1.877.896.6727
Property Price
$174,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$8,745
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$240
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$10,485
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$10,485
Monthly Payment
$719
Fully Developed 5 Bedroom Bungalow Located Directly Across The Street From Elizabeth Park Elementary. This Home Would Be A Great Fit For A Larger Family With Over 2500Sqft Of Developed Living Space. The Main Floor Features A Living Room With Vaulted Ceiling, Large Kitchen, 3 Bedrooms With Master Having An Ensuite With Jetted Corner Tub And Hardwood And Ceramics Throughout. As You Head Downstairs You Will Be Surprisingly Wowed How Deceivingly Big This Home Actually Is. Downstairs Has Two Bedrooms, Mudroom (Set Up As 6Th Bedroom), Full Bath, Recroom, Bonus / Storage Room And Large Laundry Outfitted With A Laundry Tub And Cupboards For Storage. This Wonderful Property Also Features A Large Driveway, 11X20 Attached Garage, Fully Fenced Backyard And Storage Shed To Top It Off. This Is A Fabulous Location With Direct Access To Kenmount Road And A Short Distance To The Outer Ring. These Bungalows Are A Rare Find!! (Id:23934)
CALL1.877.896.6727
Property Price
$319,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$15,995
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$356
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$17,851
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$17,851
Monthly Payment
$1,316
12-16 Pratt Street Is A To Be Built Located In A Great Area Of Corner Brook Near University ,High School And New Hospital Build . This Home Is Being Built By Quality Builder Lizan Construction And Consists Of Open Concept Living Area Plus Three Bedrooms With Main Bath Plus En Suite Off Master . The Icf Basement Will Be Ready For Future Development And Plumbing Will Be Roughed In For Apartment Or Family Room. 7 Year Atlantic Home Warranty Is Included . (Id:23934)
CALL1.877.896.6727
Property Price
$299,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,995
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$340
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,835
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,835
Monthly Payment
$1,233
Welcoming To Market, This Absolutely Stunning Custom 2 Story Family Home. Situated On A Cul De Sac With An Over Sized Lot, Fully Fenced In And Mostly Landscaped. Just A Minute To Fowlers Rd To Access Peacekeepers Way Bypass Rd. Formal Living Room, Open Concept Kitchen - Dining And Family Room. Main Floor Laundry, Walk In Kitchen Pantry And A Desirable Walk In Porch Closet. 3 Executive Sized Bedrooms Upstairs, Including A Master Bedroom With A Large Ensuite And A Beautiful Freestanding Soaker Tub. Basement Is Fully Developed With A 25' X 14' Recroom, A Fourth Bedroom As Well As A Full Bathroom. In House Garage, Mudroom With Access To Outside. This Is A Perfect Family Home With All The Amenities Of Executive Living And Ocean Views. (Id:23934)
CALL1.877.896.6727
Property Price
$450,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,500
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$460
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$24,460
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$24,460
Monthly Payment
$1,851

Mortgages In Newfoundland and Labrador

Interestingly unique... that about sums up a description of the people, housing, employment and 'traditions' of Newfoundland and Labrador. This province is the perfect place to hang your hat & plant long term roots if you love the wintertime weather, relish in seafood, enjoy the thoughts of lingering with neighbours who have countless stories to tell, and homes painted in splashes of various colours. Not to mention the rich history, the thick local accents, the traditions that involve screech & kissing a cod and living on what is basically a large rock that is scenically beautiful, edging the Atlantic Ocean. The housing stock here is a vast mixture of small cabins and scale all the way up to large multi-level homes, apartment-like lofts, duplexes, bungalows, log homes, 'unique' customized houses and single family homes. When this province is the target area and a new home search via the MLS is at hand, then home buyers can use the Newfoundland and Labrador mortgage calculator to assist in establishing the parameters of affordability. Analyzing existing mortgage products and flushing the 'numbers' through a mortgage calculator is a great way for buyers to be more prepared before talking to any mortgage loan institution like a credit union, major bank, or mortgage company.
The friendly locals in Newfoundland and Labrador are very welcoming of new residents, so just another perk to investing in a home here. A mortgage calculator is an easy way to discover how much a home would cost (with interest) each month, which is a general figure to reference. The type of mortgage that a home buyer chooses, and the anticipated interest rate are just two of the questions that buyers will face, but there are plenty more. Some key bits of information about mortgage types is understanding how basic mortgages work, such as knowing how long the loan will be taken on for (number of years), how often payments will be made each month (bi-weekly or once a month), the interest type (variable rate, fixed rate, adjustable rate, etc.), and the start date. The best way forward is to know that the shorter the life of the mortgage loan and the mortgage product type can add up together to offer buyers serious savings. The lengthier the loan is in years; the more interest payments will be made with the potential for the interest rate to fluctuate up or down. Yes, some mortgage products can be locked in for a certain term at a certain interest rate percentage like a fixed rate mortgage, but a variable rate mortgage and an adjustable rate mortgage are subject to the movement of the prime rate.
Obtaining a mortgage loan for a home in Newfoundland and Labrador depends on the home buyer (financials) and the home itself (value, location and ability to resale if the mortgage loan goes into default). When home buyers understand where their level of affordability is realistically (achieved through using a mortgage calculator), then it makes searching for the right home and the right mortgage much easier. The lender that a buyer wants to approach for their mortgage loan will perform a series of background checks (credit rating, verify stability of income, ascertain the value of the home & any down payment available from the borrower, all outstanding debts, owned assets, and so on). Things go more smoothly when a home buyer is prepared upfront financially to take on the ongoing expenses of purchasing and maintaining a home. If a home buyer is lacking (no down payment, has not saved any money for closing costs & utility hook up, has multiple debts, no owned assets, and a poor credit rating) then most mortgage lenders will not approve a mortgage loan application. Even alternate lenders (mortgage company, private lenders & trust companies) have some criteria that must be met before loaning out large sums of money.