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 On A Landscaped, 3 / 4 Acre Corner Lot In Beautiful Forest Landing You Will Find This Extraordinary Property! The Detached 24X28 Double Garage Features A Spectacular Loft Apartment On It's Own Meter With Private Entrance & Patio. The Fully Developed, 5 Bathroom, 5 Bedroom Home Boasts Four Bedrooms Upstairs! With Brazilian Walnut Hardwood Flooring, Ceramics & Modern Paint Colors, The Main Floor Features A Spacious Laundry Room, Half Bath & Separate Family Room In Addition To The Open Concept Designed Kitchen, Eating Area & Living Room With Propane Fireplace. The Tastefully Fully Finished Walk Out Basement Is Complete With 5Th Bedroom & Bathroom, Playroom, & A Massive Recroom With Patio Doors Accessing The Fully Fenced Back Yard. Start Your Day Off With Ease By Allowing Plenty Of Space For Your Growing Families Needs. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$580
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$37,070
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$37,070
Monthly Payment
$2,629
Located In The Center Of St. Johns, This Westfield Home Is Designed With An Bright, Open Concept Main Area, 2 Bedrooms And 2 Bathrooms Including A Large Master Bedroom With A Walk-In Closet And En-Suite. This Home Also Features A Large Front Foyer, Modern Shaker Cabinetry With Raised Bar, Modern Trim Package, Main Floor Laundry With Additional Storage Area Plus A 400 Square-Foot Open Basement Storage Area Complete The Package. Enjoy Hassle Free Landscaping, Exterior Maintenance, Building Insurance And Common Fees For A Low Monthly Condo Fee Of $165. (Id:23934)
CALL1.877.896.6727
Property Price
$229,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$11,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$283
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$13,233
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$13,233
Monthly Payment
$1,012
Welcome To Henley Street! Looking For A Starter Home? Or Looking To Downsize? This Fully Developed Property Could Be Just What You Are Looking For! Two Bedrooms Upstairs Plus One Bedroom Downstairs, Completely Landscaped, Access To The Backyard Through The Kitchen And A 16X20 Wired Shed Completes This Must See Home! Call For A Viewing Today (Id:23934)
CALL1.877.896.6727
Property Price
$279,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$323
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$15,773
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$15,773
Monthly Payment
$1,233
This 3 Bedroom, 1.5 Bathroom 1 / 2 Duplex With Completed Basement, Attached Garage And Extra Parcel Of Land On Top Of The Hill Has Many, Many Upgrades!!! Recently Painted Throughout With Neutral Colours And A New Oil Tank That Is Good Until 2042. Some Of The Other Recent Renovations / Upgrades Include Kitchen Cabinets, Expanded Upstairs Bathroom, Finished Basement (With Recreation Room, Laundry Room, Office, And Utility Room), Additional Bonus Room Over Stairs, 30 Year Shingles With Ice Shield Over The Entire Roof In 2007, New Furnace In 2007, Double Paved Driveway In 2011, Vinyl Windows, Patio Door In 2008 And Much, Much More! Call Today For More Information Or To Set Up Your Appointment To View! (Id:23934)
CALL1.877.896.6727
Property Price
$129,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$203
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$8,153
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$8,153
Monthly Payment
$570
This Beautiful Extensively Upgraded 2 Apartment Home Offers Finishes That You Won't Find In Most. You're Greeted With A Large Entrance Way Looking Up To Your Stunning Living Space. The Large Bright Modern Kitchen And Open Concept Flow Is Perfect For Entertaining Family And Friends. This Home Also Features Mini Split Heat Pump To Offset Those Larger Winter Bills. The Spacious Master Features A Full Ensuite. Two More Large Bedrooms And Spacious Main Bath On The Main. In The Basement You Will Find A Large Recreation Room Area With Laundry And Huge Storage Room. The Basement Apartment Features A Large Open Concept Kitchen And Living Space, 2 Bedrooms And Separate Laundry. Double Paved Driveway With Drive In Access To Your Oversized Fully Fenced Backyard! This Home Has Only Seen One Owner And Has Been Very Well Maintained. (Id:23934)
CALL1.877.896.6727
Property Price
$375,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,750
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$400
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$20,650
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$20,650
Monthly Payment
$1,658

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.