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

Nestled Among A Variety Of Mature Greenery At The End Of Smith Place Cul De Sac, Sits This Well Cared For And Maintained Property. The Beauty Of This Property Is That It Presents You With A Hard To Find Ocean Front Lot That Encompasses 158 Feet Of Easily Accessible Shoreline / Beach. The House Itself, Although 45 Years Old, Does Not Show Its Age. Ongoing Upgrades And Maintenance Have Been A Priority For The Current Owner. In The Past 8-10 Years, Windows Have Been Replaced With Today's Solid Vinyl Style, Kitchen Totally Redone,Bathrooms Upgraded, Flooring Replaced (Mostly All Hardwood) And New Roof Shingles Last Year. The Main Floor Design / Configuration Provides Openness, Yet Gives The Benefit Of Separation. For Example, The Living Room And Cozy Family Room With A Wood Stove (Each With Access To The Spacious Rear Deck Overlooking The Ocean) Are At Opposite Ends Of The House With The Eat-In Kitchen And Formal Dining Room In The Center. Two Other Areas On The Main Level Are Very Functional As Den / Office / Exercise Room / Playroom. As The Pictures Show, Larger Windows At The Rear Provide Excellent Views Of The Shoreline And Harbour. The Second Level, With Hardwwod Flooring Throughout, Features A Large Master Suite With Ensuite And Walk-In Closet, Two Large Bedrooms, And A Very Convenient And Practical Laundry Area. A Combination Garage / Workshop Building, A Utility Shed And A Small Green House Completes The Picture Of This Interesting Property. Appliances Included. (Id:23934)
CALL1.877.896.6727
Property Price
$389,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,450
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$411
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,361
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,361
Monthly Payment
$1,616
This Well Maintained Home Is Priced To Sell. The Main Level Consists Of Three Bedrooms, Living Room, Dining Room And Main Bathroom. The Downstairs Has A Recreation Room, 4Th Bedroom, 3 / 4 Bath, Laundry Room, Office Or Computer Room. It Has Crown Moldings Throughout The Main Area. Provisions Are There For A Wood Stove If Buyer Wishes To Reinstall One. It Has A Detached Garage Which Measures 18 X 24, Wired With Concrete Floor. The Shingles Were Redone In 2017. All New Laminate Flooring Throughout Bedrooms And Recreation Room. (Id:23934)
CALL1.877.896.6727
Property Price
$249,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,450
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$299
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$14,249
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$14,249
Monthly Payment
$1,035
Are You Looking For A Nice Home A Central Location Close To All Amenities Such As Shopping, Churches, Recreation, Schools, Etc. Will Look No Further This Home Is Central Located But Located On A Small Side Street With Low Traffic. This Home Would Make An Excellent Starter Or Retirement Home. Well Built And Very Economical For Heating With Both Electric Baseboard And A Recently Installed Mini Split Heat Pump Type Heating System Which Provides Warming And Cooling. This Two Bedroom Bungalow As Nice Rooms Including A Large Eat In Kitchen With Built In Dishwasher, Fridge And Range Will Remain As Well And They Only New In Past Couple Of Years, Main Floor Laundry Complete With Washer And Dryer Included. Large Bathroom With Whirlpool Tub And Separate Shower Unit With Easy Access. This Home Is Great For Anyone With Limited Mobility As It Is All Ground Level And There Is A Ramp To The Front Door. The Lot Is Well Landscaped With Mature Garden And Plenty Of Space For Privacy And Socializing. Detached Shed Is Also Included For Ample Storage. This Home Is Really To Move Into And The Owner's Pride Of Ownership Is Evident Throughout. (Id:23934)
CALL1.877.896.6727
Property Price
$189,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,495
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$252
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$11,247
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$11,247
Monthly Payment
$789
Here's The Comfy Bungalow, You've Been Waiting For!!! This 2+1 Bedroom Home With Attached Garage Is A Truly Open Concept Design, With Vaulted Ceilings, Beautiful Kitchen With Island, Living Room And Dining Room With Sliding Patio Doors To A Wrap Around Deck, And Covered Front Verandah. Main Floor Also Has A Massive Master Bedroom, Complete With Walk-In Closet Plus Ensuite, Full Bath And Laundry. Downstairs, Has The Added Benefit Of A Walk-Out Basement Area With Large Recreation Room Complete With A High Efficiency Wood Stove, 3 / 4 Bath, Additional Bedroom, As Well As Plumbing In Place For Wet Bar Or Potential To Develop Into A One Bedroom Apartment. (Id:23934)
CALL1.877.896.6727
Property Price
$297,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,850
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$337
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,687
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,687
Monthly Payment
$1,234
A Great Investment Property. This Duplex Features Mirror Image Units With An Eat-In Kitchen, Laundry Area, Full Bath And Cozy Living Room On The Main Level, With Three Bedrooms Upstairs. There's A Nice Garden In The Back. In 2019, The Owner Installed New Siding, New Windows, Fire Rated Gyprox Between The Units, Plus Some Electrical Upgrades. You Can Live In One Side And Rent The Other Or Have Full Rental Income From Both Units. (Id:23934)
CALL1.877.896.6727
Property Price
$189,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,495
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$252
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$11,247
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$11,247
Monthly Payment
$789

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.