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

Fantastic Value! This Very Well Maintained Home Would Make A Perfect Investment Property Or Purchase And Occupy The Main Level And Let The Basement Offset Your Mortgage Payment - Basement Has Long Term Tenant In Place! The Home Has A Nice Yard And Back Deck With Spacious Basement Apartment And Really Nice Main Level With Recreation Room In The Basement Portion. Parts Of The Home Has Seen Some New Flooring And Paint Approx. 2 Years Ago! (Id:23934)
CALL1.877.896.6727
Property Price
$209,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$10,495
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$268
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$12,263
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$12,263
Monthly Payment
$928
A Great & Affordable Starter Home!!! Home Newly Shingled July 2019, Eavestrough Installed 2015, Huge Detached 20 X 30 Wired And Insulated Shed With Electric Heat, 24 X 4.6 Front Veranda And Double Paved Driveway. Interior Main Floor Features Front Porch With French Doors Leading To Hallway; Open Concept Living Room And Eat In Kitchen With Birch Cabinets, New Back Splash And Stainless Steel Fridge, Stove & Dishwasher; Master Bedroom; Bathroom With Peanut Style Soaker Tub; Side Mudroom And Laundry Area. Second Level Contains 2 Bedrooms And A Large Walk In Closet. Open Basement And Location Of Oil Furnace. Don't Delay, Call An Agent Today To Set Up Your Appointment To View! (Id:23934)
CALL1.877.896.6727
Property Price
$119,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$5,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$196
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$7,691
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$7,691
Monthly Payment
$530
Lovely 3 Bedroom Bungalow Located Within Walking Distance To All Amenities. This Home Features Large Eat-In Kitchen, Spacious Living Room, Three Bedrooms, Main Bathroom, Main Floor Laundry And A Foyer With A Pantry Area. This Home Has Had Many Renovations Which Include New 200 Amp Service, New Oil Tank, Windows, Siding, Shingles, Flooring And Bathroom...All Done Over The Last Few Years. (Id:23934)
CALL1.877.896.6727
Property Price
$119,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$5,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$196
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$7,691
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$7,691
Monthly Payment
$530
Centrally Located 2 Bedroom Home In Corner Brook. Whether A First Time Buyer Or If You Are Looking For A Quaint Home, This Property Could Be For You. The Main Level Features A Kitchen,Dining Nook,Dining Rom And Spacious Living Room. The Upper Level Has Two Bedrooms And A Bathroom. The Lower Level Has A Laundry Room,Utility Room,Bonus Room And A 3Pc Bathroom.This Home Has Been Mostly Painted Throughout,Hardwood Flooring Through The Main Areas And Close To Most All Amenities! (Id:23934)
CALL1.877.896.6727
Property Price
$145,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$7,250
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$216
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$8,966
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$8,966
Monthly Payment
$641
Well Kept Family Home Situated On A Lovely Lot Just Minutes From All Major Amenities In Bay Roberts. Owner Has Access From Lt Stick Drive And Country Road With The Drive To St. Johns Only About 45 Minutes. Home Has Had Many Upgrades In Recent Years Including Almost All New Windows, Shingles, New Bathroom, Some Pex Plumbing, New Heaters And Thermostats. There Are Three Bedrooms, 3 Piece Bath, A Living Room And Kitchen Along With A Recreation Room And Laundry Area Downstairs. There's A Wood-Stove In The Recreation Room To Save On The Heating Costs Along With A 26 X 18 Garage. (Id:23934)
CALL1.877.896.6727
Property Price
$149,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$7,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$219
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$9,169
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$9,169
Monthly Payment
$659

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.