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 Examples

New Turn Key Home Located In Lovely Katherine Estates. This 3 Bedroom, 2 Bath Split Entry Comes With New Home Package Including Landscaping, Paved Driveway (Some Restrictions Apply) And A 7 Year Atlantic Home Owners Policy. The Home Is Not Finished On The Inside Which Gives The Purchaser The Option Of Picking Out Their Own Finishings .... Paint / Flooring / Lighting, Etc. Nestled In The Shoal Harbor Valley, This Home Is Next Door To Riverside Elementary School & Recreational Facilities Plus Just Minutes From The Hospital & Shopping. Note: All Measurements Are Approximate. Call For More Details. (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
This Unique Home Was Designed By And Built For The Owners With No Expense Spared. From The Foyer You Will Be Greeted By The Great Room With Hardwood Flooring, Floor To Ceiling Propane Fireplace, Awesome Views Of Seal Cove River And A Cathedral Ceiling With An Open Rail To The Second Floor. To Your Left You'll Find A Spacious Kitchen With Loads Of Cabinet Space, Stainless Steel Appliances, Center Island, Pantry And Main Floor Laundry. Down The Hall There's A Powder Room, Master Bedroom With Walk-In Closet And An En-Suite With Custom Shower. The Second Floor Has Two Bedrooms, Full Bath And An Office / Den Also With A View. The Basement Has A Family Room, Full Bath, Forth Bedroom, And An Undeveloped Storage Area With An Outside Entrance. Designed With In-Laws In Mind It Could Easily Be Develop As An In-Law Suite. The Lot Is Beautifully Landscaped, Has A Privacy Fence, 12 X 12 Pressure Treated Deck, 24X12 Patio, A Fire Pit, Rear Yard Access And Room To Park The Rv. Home Warranty Remaining. (Id:23934)
CALL1.877.896.6727
Property Price
$359,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$388
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$19,883
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$19,883
Monthly Payment
$1,591
This Home Is Priced To Sell! Very Well Kept Bungalow Located In A Quiet Neighbourhood. 3 Bedrooms (One Has Door To The Patio And Is Currently Used As An Office), Main Bath, Kitchen With Built-In Stovetop, Oven And Dishwasher, Dining And Bright Living Room With Electric Fireplace All Make Up The Main Level. Basement Has Spacious Recreation Room With A Little Kitchen Unit, 4Th Bedroom, Full Bath, Laundry And More. Oil Heat. 100 Amp Breakers. Shingles Less Than 2 Yrs Old. Beautiful Back Yard With 15X13.6 Patio, Lots Of Mature Trees And A Shed. Paved Driveway. (Id:23934)
CALL1.877.896.6727
Property Price
$175,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$8,750
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$240
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$10,490
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$10,490
Monthly Payment
$774
Excellent Location For A Business Looking For High Visibility And Easy Access. This Property Boarders 3 Streets And 100' Frontage On The Conception Bay Highway, 191 Feet Along Cleary's Road And 99' Along Cleary's Lane. Walk Out Basement Presently Utilized As A Apartment Unit But Could Easily Accommodate Your Own Personal Business. This Home Contains 1260 Square Feet On The Main Floor With Plenty Of Large Windows Proving Lots Of Natural Lighting And The Basement Contains Another 1260 Square Feet. The Present Owner Has Done Plenty Of Upgrades To The Home Including Modern Kitchen, Flooring, Modern Hot Water Electric Heating System And A Propane Fireplace In The Living Room. This Spacious Home Would Make Is A Great Property For The Entire Family And Within Walking Distance To The Local Schools And Shopping Conveniences, Daycare And With An Extra Large Lot With Plenty Of Parking And Size Of Property This Home As Plenty Of Potential. (Id:23934)
CALL1.877.896.6727
Property Price
$249,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,495
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$300
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$14,295
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$14,295
Monthly Payment
$1,105
This Home Is Centrally Located Within Walking Distance To Hospital; Goodyear Avenue Ball Fields & Playground / Splash-Pad Located On Opposite Side Of Street. Lot Features Plenty Of Parking Space With 2 Driveways In Place;Detached Garage 18'6"X 23'6" Has Been Wired From House;Exterior Of Home Completed With Vinyl Siding & Vinyl Windows In Main House. Interior Main Floor Consists Of Front Foyer With Lots Of Closet Space;Large Living Room With A Cozy Propane Fireplace;Dining Room;Kitchen With Built-In Dishwasher;Full Bath With New Vanity,Toilet & Flooring Recently Added;3 Bedrooms. Hardwood Flooring On Main Living Area Plus Laminate Flooring In Bedrooms; New Furnace Added In 2015 With 2 Zones.Basement Has A Furnace / Laundry Area Plus Den / Office For Main House. Basement Also Has The Added Bonus Of A Cozy In-Law Type Apartment With Own Entrance & Driveway. Apartment Makes For A Great Supplement To Your Mortgage Payment! (Id:23934)
CALL1.877.896.6727
Property Price
$189,500
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,475
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$251
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$11,226
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$11,226
Monthly Payment
$838

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.