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

Ocean View Property In The Center Of Bay Roberts Only Minutes From All Amenities And Only 50 Mins To St. John's. Walk The Shores Of Conception Bay Located Directly Across From This Beautifully Updated Property. This Two Story Home Has Had Numerous Upgrades And Shows Very Well. Siding Just Added, Shingles With A Full Ice Guard (2019), All New Vinyl Windows And Doors (2019), Pex Plumbing, New Partially Wrap Around Pressure Treated Deck, Mini Split Installed 2020, Open Concept Kitchen / Living Room, Stairs Upgraded To Solid Oak, Freshly Painted With A Modern Scheme, New Laminate Flooring And Basement Walls Studded And Insulated Used For Storage Space And Laundry Area. The Kitchen Has Beautiful White Cabinets, Modern Back-Splash, Beautiful Laminate Flooring And Counter Top Which Shows Very Well. The Solid Wooden Staircase Is Gorgeous And Leads Upstairs To Three Spacious Bedrooms Along With A Full 3 Piece Bath. This Home Is Very Well Kept And Shows Pride Of Ownership Throughout. It Sits On A Lovely Lot That Measures 70X82x108x110. All Town Water And Sewer Services. There Is A Storage Shed On The Property For The Man's Tools. If You Want To Be Close To The Water And Be Able To See The "Ocean Views" This Is The Property For You! (Id:23934)
CALL1.877.896.6727
Property Price
$199,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,995
Mortgage Insurance ($)
$7,596
Mortgage Required ($)
$197,501
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$260
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$11,755
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$11,755
Monthly Payment
$785
Owners Anxious To Sell This Home Situated On A Large Corner Lot (May Get Approval As With An Extra Lot) With Ample Room For Parking Off Both Streets. It Is Centrally Located, Within Walking Distance Of Shopping Center, A Bank, Post Office And Other Amenities Including The College Of The North Atlantic. The House Has Undergone Significant Upgrades Including Roof Shingles, Siding, Windows, Insulation In The Basement And Attic. The Main Floor Consists Of Eat-In Kitchen, Living Room, 2 Bedrooms, Bathroom And Entry. The Walk-Out Basement Is Fully Developed With Large Entry, Laundry Facility, Kitchenette, Bedroom, Half Bath And Storage Room (Potential As An Apartment Or In-Law Suite) . There Is A Bonus Room On The Second Level. There Is A 24'X14' Detached Garage, A 14' X 12' Shed (Full Of Wood), A Root Cellar And A Greenhouse And Plenty Of Room For The Hobbyist Gardener. The Home Is Heated By Hot-Water Radiation, Fueled By Wood And Oil Furnaces; An Extra Furnace Is In The Garage. This Property Is Nicely Priced And Has Room For Negotiation. A Snow Blower, Lawn Mower, Furniture, Etc. Could Be Available As Well. (Id:23934)
CALL1.877.896.6727
Property Price
$154,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$7,745
Mortgage Insurance ($)
$5,886
Mortgage Required ($)
$153,041
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$224
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$9,469
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$9,469
Monthly Payment
$608
Welcome To Convenient And Easy Living. Located In Gull Pond, This Bungalow-Style Home Has Two Fully Finished Levels. The Main Level Features A Large And Bright Living Room With Vaulted Ceiling, Eat-In Kitchen, 4-Piece Bath With Whirlpool Tub And Laundry Hook Up, Office, And Master Bedroom With A Walk-Out To The Patio. Second Level Features Recreation Room, With Oil Burning Stove, 2 Bedrooms, And Workshop With Walkout To Outside. Hardwood, Ceramic Tile And Laminate Throughout. Sit On The Covered Deck With A Beautiful View Of The Pond. (Id:23934)
CALL1.877.896.6727
Property Price
$165,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$8,250
Mortgage Insurance ($)
$6,270
Mortgage Required ($)
$163,020
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$232
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$9,982
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$9,982
Monthly Payment
$648
Welcome To 43 Silver Birch Crescent In The Sought-After Market Ridge Subdivision, Paradise! Beautiful Two-Story End Unit Triplex. Spacious Open Concept Main Floor With An Enclosed Front Entry, Half Bath And Laundry / Mudroom That Leads To The Back Deck. The Second Floor Features 3 Bedrooms And The Master Includes An En-Suite And Walk-In Closet. Many Possibilities For The Basement As It Contains The Fourth Bedroom, An Open Concept Main Living Area With A Kitchen, A Full Bath And The Second Laundry Room. Large Windows Throughout And Beautiful Modern Finishes. Great Location Near Schools, Daycares, Walking Trails And Minutes To Highway Access. (Id:23934)
CALL1.877.896.6727
Property Price
$299,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,950
Mortgage Insurance ($)
$11,362
Mortgage Required ($)
$295,412
Best Mortgage Rate (%)
1.45%
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
$1,174
Check Out This Stunningly Finished Two Storey Home In Mount Pearl! Just 5 Years Old And Fully Finished Including Appliances, Landscaping, Paving And Fencing This Home Is A Great Choice! The Incredible Open Concept Layout On The Main Floor Along With The Crown Mouldings, Pot Lights And Wide Plank Laminate Floor Will Impress You! The Oversized Island, Birch Cabinetry And Matching Subway Tile Backsplash In The Kitchen Will Make You Want To Start Baking Immediately! The Cozy Bump Out For The Living Room Is Extra Convenient For Placing Furniture And Designing The Space! Upstairs You Will Find A Great Master Bedroom With Walk In Closet And Ensuite With Custom Glass And Tile Shower Finished With A Rainfall Showerhead! The Perfect Way To Start (Or Finish) Your Day! The View Of The City Lights Below Is Just Incredible! There Are Still Two More Great Sized Bedrooms And Another Bathroom On The 2Nd Floor! The Basement Has A Finished Space That Would Make A Great Recreation Room, Office Or Gym Complete With Half Bath! The In-House Garage Is Perfect For Your Vehicle Or Designing As An Extra Storage Space! (Id:23934)
CALL1.877.896.6727
Property Price
$334,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,700
Mortgage Insurance ($)
$12,692
Mortgage Required ($)
$329,992
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$367
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$18,567
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$18,567
Monthly Payment
$1,311

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.