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

Don't Miss Your Opportunity To Own This Beautiful Home Which Offers Something For Everyone In Your Family. It Boasts Everything From A Large Kitchen Overlooking The Sun Room To A Walkout Wrap-Around Deck, A Detached Garage, Spacious Bedrooms, Large Recreation Area, Outside Access From The Basement, Workshop Area, And Private Office Space. You Get All Of This, Plus It Sits On A Quiet Cul De Sac In A Sought After Area Of Mount Pearl. (Id:23934)
CALL1.877.896.6727
Property Price
$289,999
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,500
Mortgage Insurance ($)
$11,020
Mortgage Required ($)
$286,519
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$332
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,332
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,332
Monthly Payment
$1,386
Attention!! Affordable Family Home In A Convenient Location. Walking Distance To Schools, Groceries And More. The Main Floor Consists Of 2 Bed, 1 Bath With A Cozy Kitchen And Large Dining / Living Room Area. Plenty Of Storage Space And Room To Develop! There Is An Attached In-Law Suite (With Its Own Outside Access) Which Contains 1 Bed, 1 Bath And Kitchen. The Home Is Oil Heated With A Newer Furnace (2020) And Hot Water Tank (2019). There Is A Lot Of Potential With This Home. You Could Live Upstairs, Rent The Bottom, And Be Mortgage Free. You Could Also Use It As The Ultimate Investment, Renting Both Upper And Lower Suites. At This Price, You'll Want To Act Fast! (Id:23934)
CALL1.877.896.6727
Property Price
$189,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,495
Mortgage Insurance ($)
$7,216
Mortgage Required ($)
$187,621
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
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
$907
This 2 Apartment Home Has A Breathtaking View Over Sunny Conception Bay South Located Just Off Blackstrap Path In The Fowlers Rd Area. Great Family Area On Quiet Cul-De-Sac, Fenced Private Backyard, Plus A Nice 10X12 Shed. It Has 3 Bedrooms On The Main With Large Recreation Room, New Flooring And Bathrooms Updated, And A 1 Bedroom Basement Apartment With Its Own Entrance And Washer And Dryer Hookup, Plus The Comfort Of The Mini Split For Both Units. This Home Is Ideal For A Young Family Or Great Rental Opportunity. (Id:23934)
CALL1.877.896.6727
Property Price
$349,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,495
Mortgage Insurance ($)
$13,296
Mortgage Required ($)
$345,701
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$380
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$19,375
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$19,375
Monthly Payment
$1,672
Welcome To 12-14 Old Briton Crescent. This 4 Bedroom, 2.5 Bathroom Custom Home Is A Next Level Labour Of Love That Will Most Definitely Impress Absolutely Everybody. First Off, We Have 2 Lots, Boasting 250 Feet Of Waterfront You Will Enjoy From Your Ocean-Facing Wraparound Composite Deck, With Tempered Glass Railing. Inside, There Is Over 4000 Square Feet Of Smart, Thoughtful Design, With Attention To Every Last Detail, And No Expense Spared. Expect To Be Blown Away By The Post And Beam Construction The Moment You Step Inside. Main Level, You Will Be Impressed By The Greatest Of Great Rooms, Complete With Cathedral Ceilings, A Stunning Stone Fireplace, And Endless Natural Light Thanks To A Wall Of Windows. The Enormous Open Concept Kitchen / Dining Room - A Huge Quartz Island & Countertops, Endless Custom Cupboards, And Stainless Steel Appliances Including A Double Oven. You Will Also Find The First Of 4 Bedrooms, A Half Bath, And An Impressive Shared Mud / Laundry Room With Tiled Floor, Quartz Countertop, Sink, And An Absolute Ton Of Custom Storage To Hold All Your Outdoor Gear. The Master Suite Is On The Main Level, With A Giant Closet And A Beautiful Four-Piece Ensuite With A Gorgeous Tiled Shower. Downstairs, 2 More Big Bedrooms, A Oversized Recreation Room With Cozy Wood Burning Stove, Plus A Wet Bar / Wine Cellar, A Second Stunning Full Bathroom With More Flawless Tilework And Another Gorgeous Shower. Upstairs, In The Bright, Spacious Loft, The Choice Is Yours. Beautiful Home Gym? Yes. Best Home Office Ever? Sure. A Guest Bedroom? Absolutely, But Be Warned - Your Guests Will Never Want To Leave. It Is The Perfect Space For Just About Anything. The Main Level Features Maple Hardwood Floor - Finished Onsite - While The Lower Level Is Laminate, And The Loft Is 100% Wool Carpet. All Building Materials - Solid Bc Fir Posts And Glu-Lam Bc Fir Beams Inside, And Fibercement Cedar Lapping, Cedar Shakes, And Certainteed Landmark (Ar) 110Mph Shingles Outside - Were Shipped Here From Bc. (Id:23934)
CALL1.877.896.6727
Property Price
$1,300,000
Minimum Down Payment (%)
20.00%
Minimum Down Payment ($)
$260,000
Mortgage Insurance ($)
$0
Mortgage Required ($)
$1,040,000
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$1,140
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$262,640
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$262,640
Monthly Payment
$5,029
Insulated Concrete! This Home Is Super Energy-Efficient And Quiet And Is Nearing Completion! This Compact 2 Storey Home Comes With Full Landscaping, A Two-Car Paved Driveway, A 8X16 Patio Deck, Electric Fireplace, Kitchen Backsplash, And There's An Amazing City View. The Above-Ground Basement Has Large Windows, The Exterior Walls Drywalled And Can Easily Accommodate Another Bedroom, Family Room, And Bathroom. Check Out The Navy Blue Cabinets! This Sweet Home Can Be Ready In About 30 Days!! Hst Rebate To Be Assigned To The Builder Upon Closing. ( Front Door Is Temporary) (Id:23934)
CALL1.877.896.6727
Property Price
$299,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,995
Mortgage Insurance ($)
$11,396
Mortgage Required ($)
$296,301
Best Mortgage Rate (%)
3.20%
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
$1,433

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.