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 Back Split Is Only A Short Walk To Both Newtown Elementary And St. Peter's Junior High, And Not Far From Major Shopping. The House Has Undergone Renovations In Recent Years Which Include, New Siding, Some New Windows, New Kitchen Cabinets, An Upgraded Main Bathroom, And New Railing On The Stairs. The Main Floor Is Bright And Offers A Large Living Room, Dining Area, And Spacious Kitchen. The Second Floor Offers Three Bedrooms, And A Beautiful Four Piece Bathroom. The Basement Recroom Is Huge And Leads To The Garden, It Also Has A Two Piece Washroom, And A Laundry Room. The Lower Level Is Perfect For Storage, Or A Workshop Area. With Rear Yard Access To The Garden This Property Is Sure To Sell Quickly. House Is Being Sold As, Where Is. (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 (%)
4.59%
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
$1,544
First Time To Market, Built For The Current Owner, This Well Maintained Bungalow Situated On A Corner Lot In The Popular Subdivision Of Cowan Heights. Highlights Of The Work Done Recently Include; New Siding In 2022, New Flooring In 2020, New Shingles In 2014, New Exterior Doors In 2016, New Front Step And Rear Patio In 2018 / 19, New Paint On Main Floor In 2021 And Basement Painted In 2022, This Is Just A Few Of The Things That The Home Owner Has Done. This Home Show We’Ll, Nice And Clean…Main Floor Offers Large Living Room, Dining Area, And Nice Kitchen. Third Bedroom Originally On The Main Floor Was Taken Out To Make A Large Master And A Bigger Second Bedroom. The Basement Has A Large Recreation-Room, Third Bedroom, Full Bath, Another Room Which Could Be A 4 Bedroom Or A Office. Laundry Room And Storage Room To Finish. Walk-Out Basement To A Fully Fenced Rear Yard With A Shed For Extra Storage. (Id:23934)
CALL1.877.896.6727
Property Price
$324,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,245
Mortgage Insurance ($)
$12,346
Mortgage Required ($)
$321,001
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$360
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$18,105
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$18,105
Monthly Payment
$1,793
Welcome Home To This Fully Developed Multi-Level With In House Garage, Located Near The Highly Desired Octagon Pond Area On A Corner Lot. This Property Boasts Hardwood Flooring On The Main With Open Concept Design Including Stone Island In Kitchen, Stainless Steel Appliances And Direct Access To Rear Patio. Also, On The Main You Will Find A Cozy Living Room With The Comfort And Efficiency Of A Mini Split. Upstairs Locates Main Bath And Three Bedrooms Including Master With Ensuite And Large Closet. Downstairs You Will Find Access To Attached Garage, Large Recreation Room And Half Bath. In The Basement Locates Another Recreation Room, Forth Bedroom And Laundry. The Back Yard Is An Entertainers Dream With Professional Stone Work Including Walk Way, Retaining Wall With Stairwell And Fire Pit - No Expense Spared! Other Notable Features Include Large Deck With Sunken In Hot Tub And Quality Stone Work To Complete The Recently Updated Landscaping. A True Gem Thats Never Been On The Market In A Highly Desired Location! (Id:23934)
CALL1.877.896.6727
Property Price
$379,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,995
Mortgage Insurance ($)
$14,436
Mortgage Required ($)
$375,341
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$404
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$20,899
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$20,899
Monthly Payment
$2,096
Own Your Own Park Like Setting On An Oversized Mature, Heavily Treed, Fully Fenced Lot With Drive-In Access & Situated In The Center Of The City! Beautiful Street Appeal, This 4-Bedroom Bungalow Features Enclosed Porch With Ceramic Floor, Gleaming Hardwood Flooring Throughout, Warm & Inviting Living & Dining Room Open Concept, Ideal For Entertaining! Oak Kitchen Flows Into The Hallway That Allows For 3 Bedrooms With A Spacious Primary Bedroom & Renovated Main Bath, Original Doors & Antique Doorknobs. Downstairs Features A 4Th Bedroom Perfect For The Teenager, ½ Bath, Laundry Area, Plenty Of Storage, Large Workshop & Walkout From The Basement. Beautiful Large Back Garden With Huge Centered Tree, Custom Built Child’S House, Landscaped With Flowers, Trees & Plants, Firepit, All Leading To A 12X12 Private Patio With View Of Cabot Tower! Just Minutes To Downtown, On Bus Routes, Near Schools & Walking Distance To All Major Amenities, New Front Retaining Wall, 2 Driveways, Ideal For The 1St Time Home Buyer, Young Family Or Individual Looking To Size Down, Tastefully Decorated With Modern Décor, A Pleasure To View! (Id:23934)
CALL1.877.896.6727
Property Price
$269,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,495
Mortgage Insurance ($)
$10,256
Mortgage Required ($)
$266,661
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$316
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$15,311
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$15,311
Monthly Payment
$1,489
This Beautiful, Multi-Level Home Has Been Completely Renovated In The Last 5 Years And Is Move In Ready! Nestled On A Quiet Cul-De-Sac With A Green Belt And Fully Landscaped Yard, A Two-Story Detached, Wired, Garage Measuring 14' X 24', This Home Truly Has Everything You Could Dream Of! Enter Into A Spacious Foyer And Onto The Main Level To Find Solid Birch Kitchen Cabinets, Industrial Grade Farmhouse Sink, Hardwood Floors, And Large Vinyl Windows That All Flow Into The Dining And Living Room. Step Down A Couple Stairs To Find What Is Now Used As A Playroom, But Your Options Are Endless! You'll Also Find A Very Spacious Bedroom, Mudroom And Half Bath On This Level. The Second Level Host The Primary Bedroom And En-Suite, Equipped With A Fibreglass Shower And Surrounded By Tile, Two Bedrooms, And The Main Bathroom. The Basement Is Both Spacious And Cozy Featuring 9' Ceilings And A Wood Stove That Aids In The Efficiency Of This Home. The Laundry Room Is Off Of The Recreation Room And An Unfinished Area Is Used For Storage. There Are Crown Mouldings Throughout The Entire House, The Plumbing Has Been Upgraded To Pecs, The Countertop In The Kitchen And 2 Bathrooms Are Granite, There Are New Decks On The House And The Garage Has Been Lifted. The Windows, Shingles, And Siding Are About 10 Years Old. This Home Truly Has It All... (Id:23934)
CALL1.877.896.6727
Property Price
$489,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,450
Mortgage Insurance ($)
$18,582
Mortgage Required ($)
$483,132
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$491
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$26,441
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$26,441
Monthly Payment
$2,698

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.