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

This Is Your Dream Home! Located On A ½ Acre Lot On A Quiet Street, 2 Minutes To Stavanger Drive, Tch, Shopping And More, This Home Is Truly A Must See! The Moment You Walk Up The Front Steps You Will Notice That No Expense Was Spared And The Attention To Detail Is Exceptional. Pride Of Ownership Is Evident The Moment You Enter This Modern Bungalow. You Will Love The Open Concept Main Floor, Boasting Beautiful Living Room With Large Windows To Enjoy The Natural Light. The Kitchen Is Sure To Impress With Ample Cabinets, Beautiful Eat Up Breakfast Bar, Perfect For Food Prep, Backsplash, Stainless Appliances. This Floor Also Features Full Bath, 3 Bedrooms Including The Master, Complete With Walk In Closet & Impressive Ensuite, With His And Her Sinks. The Fully Developed Walk Out Basement Has An Oversized Recreation Room, Perfect For Entertaining, The Double Attached Garage Is Perfect For All Those Toys And Dont Forget This Home Has Rear Access. (Id:23934)
CALL1.877.896.6727
Property Price
$469,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$23,495
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$476
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$25,471
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$25,471
Monthly Payment
$1,964
Super Curb Appeal In This Great Family Home On A Quiet Cul-De-Sac In A Desirable Neighbourhood. The Main Floor Consists Of Dining / Living Room Area And Great Kitchen With Eating Nook Access To A Multi-Level Deck.The Upper Level Consists Of The Master Bedroom Featuring 3-Piece Ensuite, Two Bedrooms And A 3-Piece Bath. The Third Floor Is Functional And Flexible With A Family Room With Garden Doors That Lead Out To The Lower Deck, Laundry Room And A 2-Piece Bath. The Downstairs Includes A Big Recreation Room, Utility / Storage Room A 2 Piece Bath. Additional Feature Is Attached Heated Garage. Outside Features A Low Maintenance Backyard, Paved Double-Car Driveway And Keystone Walkways. Room For The Whole Family!! Vendors Require 24Hr Notice For Viewings. (Id:23934)
CALL1.877.896.6727
Property Price
$259,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,950
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$307
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$14,757
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$14,757
Monthly Payment
$1,082
This Home Located In Curling On Corner Brooks West Side. It Has 3 Bedrooms On The Main Level Along With A Full Bathroom And A Bright Living Room. This Home Also Has An Eat-In Kitchen And Main Level Laundry. There's A 200 Amp Electrical Service And A Partially Developed Basement. There's Lots Of Room For Development In The Basement For An Expanding Family. This House Is Also Great For A First Time Home Buyer Or A Savvy Investor With Vision. Virtual Tours Are Also Available. (Id:23934)
CALL1.877.896.6727
Property Price
$137,500
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,875
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$210
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$8,585
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$8,585
Monthly Payment
$575
Located Just A Short Distance From Topsail Beach On A Quiet, Child Friendly Cut De Sac, This Well Cared For Family Home Is Ready For You To Move In. It Has A Beautiful Back Yard, With A Gazebo, Patio And Large Storage Shed, Where You Can Entertain Or Just Let The Kids Run Free. It Has Four Bedrooms, Gorgeous Hardwood Floors And Staircase, Ceramic Tile And Topped Off With Crown Mouldings. The Kitchen Is Large And Bright And Gives Ease Of Access To The Patio. You Won't Be Disappointed. (Id:23934)
CALL1.877.896.6727
Property Price
$279,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,995
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 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
$1,170
New Price!!!! Executive 2-Storey Built By The Owner & Shows Top Quality Throughout. It Started With The Larger Than Average Lot Having All Soil Excavated & Replaced With Blasted Rock, To Ensure Superior Drainage And Protection. Basement Constructed Using The Icf System, With Extra Re-Bar. From The Foyer, There's A Striking Double Entry Hardwood Staircase Leading To Second Floor. Crown Moldings Throughout With In-Floor Electric Heat On Main, Baseboard Electric On Second Floor, And Hot Water Radiators In The Basement. All Flooring Consists Of High End Hardwood & Ceramics. Double Sided Propane Fireplace In Family Room. Kitchen Cabinets Are High End With Stainless Steel Appliances, And Sit-Up Island. Double Garage In Front, Plus Basement Garage..Perfect For Automobile / Recreation Vehicle Storage!! Home Was Built With All Plywood... No Particle Board. (Id:23934)
CALL1.877.896.6727
Property Price
$399,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,995
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$420
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,915
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,915
Monthly Payment
$1,671

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.