Prince Edward Island 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 Prince Edward Island city to calculate Land Transfer Tax

Contact Us

First Name
Last Name
Email
Phone
Message (Optional)
OR CALL
1.877.896.6727

Prince Edward Island Mortgage Calculator Examples

Located In The Peaceful Outskirts Of Downtown Montague, This Ultra-Modern, Split-Level Gem Of Suburban Sophistication Sits On 0.58 Clean-Cut Acres. Built Recently In The Last Year And Within Walking Distance Of Numerous Local Amenities, This Highly Attractive Property In An Up-And-Coming Area Offers Both Practical Convenience And Peace Of Mind. A Smooth, Newly-Paved Driveway, Front Gravel Walk Flanked By Artfully-Arranged Flowerbeds, And Neat Front Lawn Combine For An Eye-Catching, Homey Welcome. Around Back, An Extensive Rear Patio Overlooks Another Well-Kept Expanse Of Lawn, Bordered At The Rear By A Resplendent Tree Line. Inside, From The Tasteful Front Landing, Two Sets Of Stairs Lead To Either The Main Floor Or The Fully-Finished Basement, With Both Impressively Spacious Layouts Of The Upper And Lower Levels Sporting 9-Foot, Cathedral-Style Ceilings And Extensive Storage Space (Including Behind The Stairs On The Lower Level), All Of It Nestled Atop An Insulated Concrete Form Foundation. The Main Floor Is Dominated By A Vast, Open-Concept Living Room, Kitchen And Dining Space, Layered With Beautiful Maple Floors. The Roomy Living Area Is Bordered By Wide Front Picture Windows, Perfect For Capturing Ample Natural Light, While The Bright, Graceful Kitchen Space Is Built With Both Efficiency And Aesthetic Charm In Mind, Highlighted By Tall Cabinets, Top-Of-The-Line Appliances, And Lavish Gold Accents. Off The Main Floor, Three Large Bedrooms Provide Plentiful Accommodation And Storage Space For Everyone, Including And Especially A Sumptuous Master Bedroom That Features A Complement Of Amenities Including A Double Closet, Full Master Bath, And Laundry Niche. Downstairs, The Luminous, Airy Basement Is Furnished With Waterproof Flooring (Complete With A Lifetime Warranty!) And Recessed Lighting. This Splendid Lower Level Is Centralized Around A Huge Family Room, While The Remainder Of The Layout Is Given Over To A Comprehensive Utility Room, Second Full Bathroom (Id:23934)
CALL1.877.896.6727
Property Price
$355,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,750
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,550
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$22,800
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$22,800
Monthly Payment
$1,460
A Well Built Duplex In The Heart Of Stratford. Close To Recreation Center, Skateboard Park, Shopping And Public Transit. Minutes To Charlottetown. Main Floor Features Two Bedrooms And One Bathroom. Open Concept Living Room And Kitchen. Hardwood Floors Throughout With Ceramic In The Bath And Kitchen. Basement Features Utility Room, Laundry And Spacious Room For Storage And Workouts. Large Back Deck With Great View. All Measurements Are Approximate And Should Be Verified By Purchaser If Deemed Necessary. (Id:23934)
CALL1.877.896.6727
Property Price
$269,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,495
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$2,699
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$17,694
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$17,694
Monthly Payment
$1,110
Located In Blue Bell Subdivision, This Wonderful Family Has A Great Deal To Offer. Private Backyard, Two Level Deck, Both Floors Are Finished, 1.5 Bathrooms. Home Has Cupboards Refinished, Totally Painted, New Floors In Main Bath. This Home Will Sell Fast. Close To Everything, Walking Trails, Shopping, And Restaurants. (Id:23934)
CALL1.877.896.6727
Property Price
$229,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$11,495
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$2,299
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$15,294
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$15,294
Monthly Payment
$945
In The Beautiful Community Of Crapaud, Halfway Between Charlottetown And Summerside Lies This 3 Bedroom Home. Open Concept Kitchen And Living Room Area On The Top Floor Where You Step Out Onto Your Balcony To Enjoy Your Morning Coffee Or Refreshment In The Evening. Walk In First Level With A 13 X 15 Bright Room For Extra Bedroom, Office Or Den, Half Bath And Large 28 X 22 Double Car Garage. Lower Level Has In Floor Heating And Upper Level Has A Heat Pump. All Measurements Are Approximate And Should Be Verified By Purchaser If Deemed Necessary. (Id:23934)
CALL1.877.896.6727
Property Price
$197,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,850
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$1,970
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$13,320
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$13,320
Monthly Payment
$810
This Amazing Pei Home Is Located In The Beautiful Bothwell Area. Stunning Ocean Views Surround This Property And Is Located Only Minutes From Miles And Miles Of Sandy White Beach. This Home Offers 4 Bedrooms, With A Main Floor Master, 2 1 / 2 Baths With Access To An Outdoor Shower Area. Open Concept Kitchen / Dining / Living Complete With A Wall Of Windows For Panoramic Views Of Sandy Dunes And The Ocean. Living Room Features Built In Fireplace With Custom Shelving. Relax On The Spacious Covered Porch. Upstairs Features 3 More Large Bedrooms. Enjoying Spending Your Summers On The Water, Paddle Boarding, Kayaking And Enjoying World Famous Beaches At The Spectacular Basin Head. Only A Short Drive To The Town Of Souris Full Of Local Amenities For All Your Families Needs. This Truly In The Ultimate Pei Beach Home Call Today To Take A Tour. (Id:23934)
CALL1.877.896.6727
Property Price
$339,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,950
Best Mortgage Rate (%)
1.85%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,390
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,840
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,840
Monthly Payment
$1,394

Mortgages In Prince Edward Island

Not typically the province that makes the spotlight in Canada, Prince Edward Island holds its own unique charm, beauty, and serenity. Ideally, home buyers that are considering a move to PEI can anticipate being surrounded by rolling hills, fields of flowery blossoms, rivers & streams and forested groves, not to mention the known red sands (beaches that hug the strait on one side and the gulf on the other). This province is especially enticing to self-employed people that do not wish to rely on local employers as a means of income. Everything in this province rings peaceful and easy, with enjoyable & fun outlets for pleasure and opportunities for families with children. The real estate collection is vast with some homes reflecting the history of 'the island' and other homes are a smorgasbord of single family homes, multi-level houses, small cabins & mini homes and larger estate homes. A Prince Edward Island mortgage calculator can be a big help when checking through the MLS listings for its quick ability to work through the 'math' of the purchase amount on a home and the intricate details of a mortgage loan. Simple, free and easy to use (found on numerous websites online), a simplistic mortgage calculator can be a great starting point, especially for first time home buyers.
Prince Edward Island does possess great amenities, golfing, farmer's markets & crafts and cuisines that are too enticing to pass up! Beyond the perks of living here, a mortgage calculator will nail down your affordability towards the ideal home that you have your eye on. Being armed with a realistic budget is always a smart preparation to advancing forward with securing a lender. Many people purchase their first home through a mortgage loan, but it is knowing the difference between mortgage products and landing the right lender is the best way to set the pace for the future. Because a mortgage loan can take many years to pay off (no thanks to high interest rates), lenders vary in their eagerness to approve mortgage loans. Banks source their money right from the government to loan out to people for a mortgage which places banks on a steady monitoring from the government, which in turn lends to why their long list of criteria is difficult to meet. Other lenders are not monitored by the government, so there is more freedom to pre-qualify and pre-approve borrowers and less 'criteria hoops' to jump through. Lenders appreciate it when borrowers are prepared financially for home ownership (sizeable down payment, closing expenses saved, great financial standing and reliable income).
There are a few versatile tools at home buyers' disposals besides a mortgage calculator; there is in-depth mortgage product information & other calculators online that are highly useful in obtaining the bottom monthly & annual figures on a specific home in Prince Edward Island. Mortgages range in performance, so knowing the difference between a variable rate mortgage, an adjustable rate mortgage and a fixed rate mortgage is important (these are the three main types of mortgages). With other mortgage types also in the wings that depends on you and your financials, a mortgage broker or lending advisor may suggest one or more to you. If you are armed with a hefty 20% down payment or more, a conventional mortgage may be the way to go. If you are not armed with a large down payment, then most lenders will consider you to be a high risk mortgagee and insist mortgage default insurance be added to the loan for protection (another monthly fee to pay). Remember, you have the control over which lender you choose to work with for your mortgage loan and you have the control over which mortgage product you will end up accepting... your mortgage loan will be a big part of your finances each month for many years to come.