Newfoundland and Labrador Mortgage Calculator
?
Enter the amount that you are planning on paying for the property
STEP 1
Enter property purchase price
Haven't found a property to purchase yet?
Appleton10Badger10Bay Bulls10Bay Roberts33Bishop's Falls16Bonavista28Botwood9Carbonear34Channel- Port Aux Basques10Clarenville22
Clarkes Beach12Conception Bay South91Corner Brook78Deer Lake15Flatrock10Gambo10Gander41Grand Bank13Grand Falls-Windsor53Happy Valley-Goose Bay19
Option #1
Option #2
Option #3
Option #4
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Enter the amount that you will pay upfront
toward the property to obtain a mortgage
–
?
CMHC mortgage insurance is required on all
mortgages with down payment less than 20%
+
$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)
=
$494,000
$463,950
$436,900
$400,000
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Amortization period is length of time that it would take
the mortgage holder to pay off the mortgage in full
?
Please select the province where you are planning
on taking out the mortgage, as mortgage rates can
vary in different provinces
STEP 2
Select province to get current
mortgage rates
?
Mortgage type specifies whether the interest
rate is variable or fixed
?
Mortgage term is the duration of time that you
are committed to a lender, rate and conditions
?
Mortgage rate is the interest rate that you will
be paying on the outstanding balance for the
duration of the mortgage term
Select
Select
Select
Select
5.74 %
5.84 %
5.89 %
5.90 %
6.34 %
6.39 %
6.84 %
STEP 3
Select one of the mortgage
rates currently available
?
Please select how often you would like
to make your mortgage payments.
?
Mortgage payment is the amount that you will be
required to pay based on your mortgage terms
–
–
–
–
?
This is an estimate of how much you should expect
to spend upfront in order to make this purchase
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
+
–
–
–
Select City to get Land Transfer Tax Rate
AppletonBadgerBay BullsBay RobertsBishop's FallsBonavistaBotwoodCarbonearChannel- Port Aux BasquesClarenville
Clarkes BeachConception Bay SouthCorner BrookDeer LakeFlatrockGamboGanderGrand BankGrand Falls-WindsorHappy Valley-Goose Bay
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
Newfoundland and Labrador Mortgage Calculator Examples
19 Heney's Pond Road Has It All: Curb Appeal, Location And Quality! Located In The Most Sought After Area Of Bay Roberts. It Is Within Walking Distance To Local Schools, Community Sports Complex, Dance Studios, Library And Just Steps To The Water's Edge. This Stunning 2,814 Square Foot Home, With Wrap Around Deck Sits On A Beautifully Manicured Double Lot. From The Moment You Step Inside Pride Of Ownership Is Evident. The Home Is Filled With Natural Light And Is Immaculate, Warm And Inviting. The Main Floor Has New Hardwood And Ceramics Throughout (2022). The Bright Open Foyer Has A Generous Closet And Access To The Sitting Room, Or You Can Enter The Eat-In Kitchen From The Foyer Also. The Kitchen Cupboards Have Been Refinished In A Modern White Paint, New Hardware, Custom Trim And Updated Lighting. Off The Kitchen You Find The Large Family Room, Complete With Operational Propane Fireplace. Perfect For Those Cozy Nights To Cuddle Up With The Family. From The Opposite End Of The Kitchen You Enter The Traditional Dining Room With Access To The Front Sitting Room. On The Nw Side Of The Main Floor You'll Find A Newly Renovated Full 3 Piece Bath, Guest Bedroom And Expansive Laundry/ Hobby Room. The Second Floor Of The Home Houses The Large Primary Suite With Gally Vanity Featuring Dual Closets Which Lead To The Ensuite. There Are 2 Large Additional Bedrooms, A Full Bath And Another Bedroom/ Playroom With Access To The 3Rd Floor Which Is A Fully Finished Loft Area. Great Opportunity For A Home Office Or A Very Versatile Bonus Space. Recent Improvements To The Exterior Include New Shingles (2020), Pavestone Walkway (2020) Paved Driveway(2022) That Leads To Newly Built Garage(2020). The Garage Has A Loft For Additional Storage. The Private Back Yard Boasts A Large Patio, Play Set, Cozy Fire Pit Area And Is Lined With Greenery Giving This Property A Real Serene And Peaceful Feeling. This Home Is A Must See! It Is The Perfect Family Home On The Best Street. (Id:23934)
CALL1.877.896.6727
Property Price
$459,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$22,995
Mortgage Insurance ($)
$17,476
Mortgage Required ($)
$454,381
Best Mortgage Rate (%)
5.74%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$468
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$24,963
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$24,963
Monthly Payment
$2,837
Just Take A Look At This Beautiful 2 Apartment Bungalow Located In Fairview Estates In Paradise Overlooking Adams Pond And Paradise Elementary School Within Walking Distance. The Main Level Features Open Concept Modern Design Living Room, Dining Room & Kitchen Which Is Completed With Hardwood / Ceramic Floors, Crown Mouldings, Dark Birch Cabinets, Stainless Steel Appliances , Pendant Lighting, Large Island Leading To The 12 X 12 Patio With An Amazing View. This Home Has A Built In Speaker / Stereo Surround Sound Great For Entertaining. The 3 Bedrooms Include Large Closets And A 3Pc Ensuite In Master Bedroom. Enjoy A Large Family Room And Laundry Room Downstairs. Enter The Large Bright Apartment With Living Room / Kitchen Complete Stainless Appliances, Birch Cupboards, 2 Bedrooms With Closets, Bathroom And Your Own Laundry Room With Washer & Dryer. Please Allow 24 Hours Notice For Viewing. Call An Agent Directly To Book Your Appointment. (Id:23934)
CALL1.877.896.6727
Property Price
$399,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,950
Mortgage Insurance ($)
$15,162
Mortgage Required ($)
$394,212
Best Mortgage Rate (%)
5.74%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$419
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,869
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,869
Monthly Payment
$2,462
New Home Constuction In Kenmount Terrace West! Constructed By Multi-Award Winning Builder, Eastwood Homes. Backing Onto A Green Belt, This Modern 2 Story Has An Open Concept Main Floor, A Massive Kitchen, Living Room, Dining Area, And ½ Bath. The Second Floor Offers Three Bedrooms Including The Primary Bedroom With Walk In Closet And 3 Piece Ensuite. Need More Space? The Optional Lower Level Can Be Developed For An Additional Recreation Room, Full Bath And A Fourth Bedroom For An Additional Cost. Work Exclusively With Eastwood And The Very Talented Katie Benson Designs To Add Your Personal Touch On The Finishes. This Home Has A Full One Year Warranty From The Builder And A 10-Year Atlantic Home Warranty. Paved Driveway, Pressure Treated Deck And Fully Landscaped. Hst Included In List Price And To Be Rebated To Vendor On Closing. (Id:23934)
CALL1.877.896.6727
Property Price
$389,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,495
Mortgage Insurance ($)
$14,816
Mortgage Required ($)
$385,221
Best Mortgage Rate (%)
5.74%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$412
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,407
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,407
Monthly Payment
$2,405
Welcome To 1 Goodison Street, Carbonear. This Property Features A Fenced And Landscaped Yard, Large Decks, Town Services And 8' X 12' Storage Shed. The Main Floor Has A Large Living And Dining Area, Custom Oak Kitchen With Appliances Included And Main Bathroom Complete With Corner Shower And Deep Soaker Tub. There Are Three Spacious Bedrooms And The Convenience Of A Laundry Nook Located Adjacent To The Bedrooms (Washer And Dryer Included). The Basement Is Mostly Undeveloped And Is Great For Storage. There Is An Area Set Up For A Media Room As Well As A Full Three - Piece Bathroom Completed In Recent Years. (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 (%)
5.74%
Mortgage Type
5 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
$1,172
Located On A Large Parcel Of Land Is This Two Story Home Ready For New Owners. Outside With Mature Trees This Home Offers A Double Paved Driveway, Detached Two Story Garage (22X28) And Massive Back Yard. Home Is Completed Outside With Shingles (3 Years Old), Along With Vinyl Windows And Siding In Recent Years. Inside This Home You Have A Main Floor Living Room And Dining Area, Kitchen, 1 / 2 Bath With Laundry Hookup, Den / Office Or 4Th Bedroom. Second Floor Offers A Primary Bedroom With Ensuite, Two Additional Bedrooms And Full Bathroom. Basement Is Unfinished And Only Used For A Utility Room. With Some Tlc This Family Home Could Be What You’Ve Been Waiting For! (Id:23934)
CALL1.877.896.6727
Property Price
$279,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,995
Mortgage Insurance ($)
$10,636
Mortgage Required ($)
$276,541
Best Mortgage Rate (%)
5.74%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$324
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$15,819
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$15,819
Monthly Payment
$1,727
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.