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

When Viewing This Property On Realtor.Ca Please Click On The "Multimedia Or Virtual Tour' Link For More Property Info. This Beautiful 4 Bedroom 2 Bathroom Home On A Corner Lot In A Quiet Partially Of Gander. This Great Family Home Has Lots Of Parking, A 18X30 Garage With Automatic Door Opener And A Walk Out Basement. New 200 Amp Electrical, Newly Redone Kitchen Complete With Wine Cooler & Reverse Osmosis Water System, Vinyl Siding / Windows / Doors, And The Shingles Are Only 9 Years Old. This Home Is Also Wired For A Hot Tub With Outdoor Access Off Of The Main Bedroom And It Also Has A Huge Walk-In Closet. The Large Living Room Has A Propane Fireplace And Mantle With Hardwood Flooring. Down Stairs You Have A Full Bathroom With 2 Bedrooms And One Even Has Another Walk-In Closet. There Is Also An Office, Laundry Room, Utility Room, And A Huge Storage Room. (Id:23934)
CALL1.877.896.6727
Property Price
$255,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,750
Mortgage Insurance ($)
$9,690
Mortgage Required ($)
$251,940
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$304
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$14,554
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$14,554
Monthly Payment
$989
Welcome To 50 Water Street , Carbonear ! This Well Built Home Is Situated On A Oversized Lot . Large Back Balcony , Detached Storage Shed . Playground Close By . All Town Services . (Id:23934)
CALL1.877.896.6727
Property Price
$134,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,745
Mortgage Insurance ($)
$5,126
Mortgage Required ($)
$133,281
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$208
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$8,453
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$8,453
Monthly Payment
$523
Spacious, Registered, Totally Developed 2-Apartment On A Popular, Mature, And Very Private East End Crescent! Top Level Of Main House Has Living Room, Dining Room, Kitchen., Bthrm, And 3 Bdrms, Bottom Level Has Above Ground Rear Access And Features An Office, Recreation / Multi-Purpose Room, Large Garden Room, Full Bthrm, Laundry Room, And Sizable Storage / Furnace Room. Great Potential Here For An In-Law Suite. House Has Been Used In The Past As A Day Care And As A Home Office For Both A Realtor And A Building Contractor. This Would Also Be An Excellent House For An Investor (Total Monthly Earning Capacity Of $2650). The Current, Main House Tenant Would Like To Stay. The Rear, Attached, Modern, One-Bedroom Apartment Is Slab On Grade And Rents For $1050 Per Month. Some Recent Improvements Include New Cambridge, Dual Grey 30-Year Shingles, Replacement Of Several Windows, Doors, And The Oil Tank. Sewage Line From House To Street Has Been Upgraded (At A Cost Of Almost $8000) With A Liner And A Ten-Year Warranty Provided By Afonso Contracting. (Id:23934)
CALL1.877.896.6727
Property Price
$294,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,700
Mortgage Insurance ($)
$11,172
Mortgage Required ($)
$290,472
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$335
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,535
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,535
Monthly Payment
$1,141
Gorgeous Oceanview Bungalow Located At Scenic Bayshore Estates, Bay Roberts, Nl. This Lovely Home Boasts An Open Concept Kitchen Area, Spacious Living Room, Master Bedroom With Ensuite, Hardwood Floors, Ceramic Tiles, And Custom Crown Moldings. The Basement Is Partially Developed All Ready For You To To Creatively Finish Off To Suite Your Own Personal Interests. The Owner Recently Installed A Woodstove That Adds To The Coziness Of The Home And It Can Also Help Lower Heat Bills During The Cold Winter Months. The Property Also Has A 12X16 Shed Where You Can Store Your Tools, Lawnmower, Snow Blower, Etc. This Property Is Also Located Close To Schools, Recreational Facilities, Walking Trails, Shopping, And Only About An Hours Drive From St. John's. Call For A Viewing Today! (Id:23934)
CALL1.877.896.6727
Property Price
$339,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,995
Mortgage Insurance ($)
$12,916
Mortgage Required ($)
$335,821
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$372
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$18,867
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$18,867
Monthly Payment
$1,319
Listed On A Quiet Cul-De-Sac In A Great Area Of Town Is This 4 Bedroom Home With A 2 Bedroom Ground Level Apartment! Main Floor Features Spacious Front Foyer With Ceramic Tile, Large Kitchen With Plenty Of Cabinet Space, Formal Dining Room / Living Room Finished With Solid Hardwood Floors, And A Half Bath. 2Nd Floor Features Master Bedroom With Walk-In Closet, 4 Piece Ensuite Including Jacuzzi And Stand Up Shower. 2Nd Floor Also Features 3 Spacious Bedrooms, Main Bath, Office, Storage Area, And Oversize Family Room Great For Entertainment Area. Basement Features Recreation Room, Half Bath, Mudroom, And Storage Room. Unlike Many Others This Home Features A High End 2 Bedroom Main Level Apartment With Custom Birch Cabinets With Ceramic And Hardwood Throughout. This Home Was Built Using High Quality Hardwood, Ceramic, And Porcelain Tiles. Lot Is Fully Landscaped With 2 Rear Decks And A 20X30 Detached Garage With Bonus Storage Room Upstairs. (Id:23934)
CALL1.877.896.6727
Property Price
$569,900
Minimum Down Payment (%)
5.61%
Minimum Down Payment ($)
$31,990
Mortgage Insurance ($)
$21,516
Mortgage Required ($)
$559,426
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$556
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$34,046
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$34,046
Monthly Payment
$2,197

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.