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

Wow!! Where To Start - Maybe With This Is A Must See One Of A Kind Executive Home Built On An Oversized Double Lot (0.65+ Acres- Elevated Above The Main Road This Offers The Home Plenty Of Privacy As Well As Some Nice Ocean Views! The Exterior Features Are Endless And Includes Long Paved Driveway, Double Attached Garage, Wrap Around Veranda, Beautifully Landscaped With Mature Trees, Shrubs, Flowers And Loads Of Little Touches That Tie It All Together. Don't Forget The Paved Basketball Court, Green House, Storage Shed As Well As The Totally Encased / Weather Proof Above Ground Pool! The Back Yard And Grounds Of This Property Makes It All Worth While And We Are Not Even Inside Yet. So As You Enter The Home You Are Met With An Inviting Living Room That Boasts A Panoramic Sitting Area With Fireplace, On To The Formal Dining Room And Through To The Eat In Kitchen That Has Granite Counter Tops, Island, Pantry, Stainless Steel Appliances And Access To The Back Yard / Deck. This Area Is An Open Concept Design And Is Open To A Family Room With Fireplace. Just Off The Family Room Is A Large Games Room - Perfect For A Pool Table, Table Tennis Etc. As Well There's A Large Porch That Separates The Main Living Space From The Garage. (There's Also A Half Bathroom, Laundry & Great Work From Home Office Located On The Main Floor). The Second Floor Offers A Great Viewing Area From The Second Floor Landing, 3 Nice Sized Bedrooms And A Main Bathroom Plus The Unique Master Bedroom With Walk In Closet And Superior Ensuite With Whirlpool Tub, Stand Up Shower And Double Sink Vanity. Some Other Features Of This Home Not To Be Overlooked Is All Hardwood & Ceramic Floors Through Out With Hot Water Radiant In Floor Heat, Central Vac System, Solid Wood Interior Doors, Custom Mouldings & Continuous Eves Trough. This Is The Overall Package Anyone Would Want From The Amazing Exterior To The Spacious Interior And If Those Are The Items You Are Looking For In A Home Then Look No Further!! (Id:23934)
CALL1.877.896.6727
Property Price
$899,900
Minimum Down Payment (%)
7.22%
Minimum Down Payment ($)
$64,990
Mortgage Insurance ($)
$33,396
Mortgage Required ($)
$868,306
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$820
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$67,310
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$67,310
Monthly Payment
$3,594
Priced To Sell! This Three Bedroom, One Bathroom Home Is Located Footsteps From Downtown...Great Starter Home Or Retirement Home! Main Floor Features A Large Porch Upon Entry, Large Eat In Kitchen, Spacious Living Room, Three Bedrooms And A Main Bathroom. ...Being Sold "As Is; Where Is" (Id:23934)
CALL1.877.896.6727
Property Price
$109,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$5,450
Mortgage Insurance ($)
$4,142
Mortgage Required ($)
$107,692
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$187
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$7,137
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$7,137
Monthly Payment
$446
Great Location And An Awesome View Of The Water. Situated On An Acre Of Land In A Quiet Area And Surrounded By Mature Trees At Smith Waters. Only 5 Minutes From Gander. Beautiful Kitchen Installed In 2015. Electrical Upgrade In 2012. Crawl Space Is Insulated, Oil Stove And Tank Installed In 2017. On The Main Level, Is The Beautiful Kitchen, Nook, Living Room, Foyer, Master Bedroom With Ensuite And Main Bathroom. Upstairs Is A Bedroom With Lots Of Closet Space. (Id:23934)
CALL1.877.896.6727
Property Price
$259,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,950
Mortgage Insurance ($)
$9,842
Mortgage Required ($)
$255,892
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
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
$1,059
Raised, Bungalow Style Home That's Located In The Shearstown Area Of Bay Roberts. This Property Features Full Town Services, Double Paved Driveway And Has A Lot Of Recent Upgrades Including A New Furnace (2020), New Oil Tank (2020), New Shingles (2015), New Siding (2015) And New Siding And Doors (2015). The Second Level Serves As The Main Living Area And Has An Open Concept Living And Dining Area As Well As A Kitchen With Appliances Included. There Are Two Spacious Bedrooms As Well As A Laundry Room With Washer / Dryer Included That Could Be Converted Back To Make A Third Bedroom. Completing The Main Floor Is A Porch Area And Three Piece Bathroom. The Lower Level Is Fully Developed And Could Be Used For Extra Living Space Or Has Potential To Make An Income Apartment Or In Law Suite. It Has It's Own Meter, Kitchen, Office, Half Bathroom And A Large Open Area. (Id:23934)
CALL1.877.896.6727
Property Price
$114,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$5,745
Mortgage Insurance ($)
$4,366
Mortgage Required ($)
$113,521
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$192
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$7,437
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$7,437
Monthly Payment
$470
Two Apartment Home Located At 8 Chanterelle Drive In Forest Hills Which Is Right Off Fowlers Road And Just A 15 Minute Drive From Downtown St. John's. This Home Features 5 Bedrooms, 3 Up And 2 Down And Master Has An Ensuite And Walk-In Closet. Kitchen Features Newly Refinished Oak Cabinets And Home Has Colonial Doors And Trim And A Hardwood Staircase. The Apartment Is Bright And Spacious And Is Rented To A Long Term Tenant Who Wants To Stay For $725.00 Per Month P.O.U. There Is Also A Shed In The Backyard And Backs On A Greenbelt. Freshly Painted, Refinished Cabinets, New Flooring And Priced At Just $289,900 This One Is Perfect For The First Time Home Buyer Or Savvy Investor. (Id:23934)
CALL1.877.896.6727
Property Price
$289,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,495
Mortgage Insurance ($)
$11,016
Mortgage Required ($)
$286,421
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$332
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,327
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,327
Monthly Payment
$1,185

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.