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

This Three Bedroom, Two Bathroom Cape Cod Is Located With Partially Fenced Backyard With A Wrap Around Deck And A 12 X 8 Shed. The Main Floor Has A Large Living Room / Dining Room With Wood Burning Fireplace, Kitchen, Den / 3Rd Bedroom, Half Bath And Back Porch. The 2Nd Floor Has A Master Bedroom With 3 Closets, 2Nd Bedroom, Full Bath And A Laundry Room With Room For A Freezer And Storage! New Shingles Sept 2016! Vinyl Windows, Hardwood Floors, New Siding In 2014, Extra Insulation 2014 And So Much More! (Id:23934)
CALL1.877.896.6727
Property Price
$124,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,245
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$200
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$7,945
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$7,945
Monthly Payment
$552
Nestled In One Of The Most Desired Neighborhoods Of Bay Roberts, Minutes Walk To Junior & High School & A 3-Minute Drive To Primary School, Ideal For The Young Growing Family! Large Very Well Cared For Just Like New 2-Storey Features Over 2500 Square Feet On 2 Levels, Main Floor Offers Large Eat-In Kitchen With Stainless Steel Appliances, Dining & Living Area All Accented With Gleaming Birch Hardwood Flooring! Upstairs Offers 3 Very Spacious Bedrooms Including A Hug 12X19 Master With Corner Jacuzzi Tub In The Ensuite! Downstairs Offers Plenty Of Room For Future Development. Tastefully Decorated With Modern Décor Throughout & Situated On A Beautifully Manicured Oversized Lot, 14X16 Detached Shed, Multi-Vehicle Paved Driveway Rear Yard Access Ideal For The Toys & Fully Fenced Just Perfect For The Furry Family Members! Enjoy A Morning / Evening Walk Around The Harbor & Bay While Watching The Whales & Ice Bergs, A Pleasure To View! $5000.00 Marketing Incentive Program To Purchaser For Decorating Costs. (Id:23934)
CALL1.877.896.6727
Property Price
$299,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$340
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,835
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,835
Monthly Payment
$1,326
2 Apartment Property Priced To Sell!! Owners Downsizing And Anxious To See Sold! The Main Level Has 3 Bedrooms Open Concept Living / Dining Room. The Kitchen Has Lots Of Space For Extra Table. The Bedrooms Are All A Sufficient Size. Downstairs Has A Recreation-Room, Large Laundry Room, Lots Of Storage And A 2 Bedroom Basement Apartment. The Main Level Has Beautiful Hardwood Floors. The Home Is Very Clean And With Your Own Touch Can Be A Perfect Home Or Investment Property. (Id:23934)
CALL1.877.896.6727
Property Price
$159,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$7,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$228
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$9,723
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$9,723
Monthly Payment
$707
Listed In A Great Area Of Town Is This 3+1 Bedroom Bungalow. Main Floor Features Spacious Open Concept Kitchen / Dining Room With Ceramic And Hardwood Floors, Living Room With Custom Built-In Entertainment Unit And Stone Fireplace. Main Floor Also Features Large Master Bedroom With 4 Piece Ensuite And Walk-In Closet, Second And Third Bedrooms, And Main Bath With Custom Birch Vanity. Basement Features Large Recreation Room, Gym / Entertainment Room, 4Th Bedroom, Office (Or 5Th Bedroom), Laundry Room And Mudroom With Outside Entrance. Property Also Includes Detached Garage, Fenced In Back Yard And 2 Layer Deck. (Id:23934)
CALL1.877.896.6727
Property Price
$349,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,495
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$380
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$19,375
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$19,375
Monthly Payment
$1,547
This Modern And Stunning 2-Storey Home Features An Open Concept Floor Plan, Hardwood Flooring Throughout, Birch Cabinets With Peninsula / Breakfast Bar In Kitchen, And Crown Moldings. The Main Floor Has A Living Room, Dining Room, Kitchen, And Half Bath. Upstairs Has A Master Bedroom With A Walk-In Closet, Two Other Bedrooms, And A Main Bath With Large Corner Tub, Separate Shower, Ceramic Tiles, And Double Access From Master Bedroom And Hallway. Beautifully Landscaped With Paved Driveway. (Id:23934)
CALL1.877.896.6727
Property Price
$279,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$323
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$15,773
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$15,773
Monthly Payment
$1,233

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.