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

This Cozy But Modern Home, Just Minutes From Recreation And Shopping In Bay Roberts Offers The Perfect Place For Anyone Looking To Downsize Or That Wants A Summer Home In Conception Bay North. With An Ocean View And A Corner Lot, It Offers The Perfect Setting For Peace And Quiet While Still Remaining Close To Amenities. This Home Is In Excellent Condition And Offer An Open Concept Living And Dining Room Along With A Modern Design Including A Kitchen Island And Mudroom Along With A Large Bath. (Id:23934)
CALL1.877.896.6727
Property Price
$139,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,995
Mortgage Insurance ($)
$5,316
Mortgage Required ($)
$138,221
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$212
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$8,707
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$8,707
Monthly Payment
$565
Welcome Home To 134 Memorial Drive, Clarenville. If You're A First Time Home Buyer Or Looking To Downsize This Property Is Ideal. Fully Renovated And Waiting For The New Owners! This Home Has Been Stripped And Is Move In Ready! Main Floor Has A Galley Kitchen With Beautiful White Shaker Cabinets, Ceramic Backsplash, New Stainless Steel Appliances, A Good Size Dining Room And A Spacious Living Room With Stunning Wood Accent Wall. In Addition Three Bedrooms And And Main Bath With Floor To Ceiling Tiled Shower / Glass Doors. The Owners Are Currently Using One Of The Bedrooms As Their Laundry, But Can Easily Convert Back To A Bedroom Space. Home Has Dark Laminate Flooring And Crown Molding Throughout. The Basement Is Undeveloped And Waiting For Your Future Designs. This Property Has Had New Shingles, Siding, Windows, Doors, All New Electrical, Pex Plumbing Just To Name A Few. The Property Sits On A Large Lot, With A Paved Driveway And A Big Backyard. Close To All Town Amenities And Minutes To The School District. School Bus Stop Only Meters Away. (Id:23934)
CALL1.877.896.6727
Property Price
$175,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$8,750
Mortgage Insurance ($)
$6,650
Mortgage Required ($)
$172,900
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$240
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$10,490
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$10,490
Monthly Payment
$707
Welcome To 1 Exploits Avenue! This Executive Style Home Has Been Remodeled To Suit Modern Day Living While Keeping Some Original Finishes Such As Bc Fir Fireplace Mantle, Bc Fir Doors, Headers, Moldings And Trim. The Original Stone Fireplace Mantle In Living Room Complimented With Refinished Birch Hardwood Flooring Captures The Culture Of This Historical Home. Some Modern Day Features Include Custom Birch Cabinets With Italian Granite Counter Tops And Authentic Tumbled Marble Back Splash With Glass Tile. Other Fine Features Include Heated Porcelain And Ceramic Tile, Exotic Natural Tiger Hardwood, Merbau Hardwood, Solid Oak Doors, And Custom Drapery. This Remarkable Home Has Plenty Of Space Including A Huge Family / Entertainment Room, Large Master Bedroom With Walk-In Closet And Ensuite (Jetted Air-Tub, Double Sinks, Custom Glass / Marble Shower). Enjoy The Hot Tub On Your 1000Sqft Deck In The Privacy Of Your Own Back Yard! New Furnace Installed In 2020. This Home Has Too Many Features To List. (Id:23934)
CALL1.877.896.6727
Property Price
$649,900
Minimum Down Payment (%)
6.15%
Minimum Down Payment ($)
$39,990
Mortgage Insurance ($)
$24,396
Mortgage Required ($)
$634,306
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$620
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$42,110
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$42,110
Monthly Payment
$2,592
Fixer Upper Located In The Heart Of The Downtown Shopping District. This Property Is Tucked Away On The Lower End Of East Ave, Just A Stones Throw From Grocery Stores And The Downtown Main Area. This One Level 850 Square Ft. Bungalow Is In Need Of Some Updating But With 2 Bedrooms And Full Bath And Laundry On The Main Level, It's Ideal For Someone Looking To Downsize. The Exterior Is A Private Fenced In Backyard, With A Detached Shed And Level Parking Space. Priced To Sell This Diy Special Could Be A Great Pick Up During The Winter Season. (Id:23934)
CALL1.877.896.6727
Property Price
$82,500
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$4,125
Mortgage Insurance ($)
$3,135
Mortgage Required ($)
$81,510
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$166
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$5,791
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$5,791
Monthly Payment
$333
Location!! Cozy 3 Bedroom, 1 Bath Bungalow Is Located On A Large Block Of Land In The Heart Of Town, Walking Distance To Shopping And All Other Amenities. Main Floor Features The Kitchen, Dining Room, Living Room, 3 Bedrooms, Bath, Laundry Room, Bonus Room And Porch. Partial Basement Is Finsihed With A Bonus Room And Workshop. Ugrades Within The Last 10 Years Include Shingles And Oil Tank. Fridge, Stove, Dishwasher, Washer And Dryer Included In Sale. This Property Is An Estate Sale And Is Sold, "As Is, Where Is." (Id:23934)
CALL1.877.896.6727
Property Price
$115,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$5,750
Mortgage Insurance ($)
$4,370
Mortgage Required ($)
$113,620
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$192
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$7,442
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$7,442
Monthly Payment
$464

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.