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

171 Harbourview Drive Has That, Million Dollar View! People Come From All Over The World To See This View, Taste This Seafood, To Enjoy These Beaches, Boardwalks, Parks And Everything That This Magnificent Seaside Town Of North Rustico Has To Offer. Large Beautiful Home With A Full Apartment Over The Detached Garage, Altogether There Is 6 Bedrooms, 5 Bathrooms, 2 Car Garage And Full Basement. The Property Is Breathtaking And Conveniently Located To Beautiful Beaches That Are Miles Long. The North Shore Has Many Great Things Such As Fishing, Trails, Groceries, Gym, Post Office, Bank, Pharmacy, Doctor Office, Restaurants, Liquor Store, Entertainment, Theater, Biking, Swimming, Golf Courses And The Best Thing Of All Is The Clean Air, Clean Water And Amazing Sunsets! The Owner Feels Blessed To Have Enjoyed So Many Beautiful Years In Their Gorgeous Home And Is Ready To Have Another Family Take Ownership And Create Wonderful Memories That Last A Lifetime. Big Ticket Items Where Upgraded, Such As High Efficiency Boiler And Hot Water Tank, New Roof And Flashing Around Chimney In 2018, New Chimney Cap And Chimney Liner, Upgraded Electrical Panel From 100 To 200 Amps, Installed Septic System For The Cottage And Plumbing For The East Rental Room, Upgraded The Siding On Both The House & Cottage, New Walkway Pavers Where Installed For House And Cottage With Beautifully Created Landscaping. All Measurements Are Approximate And Should Be Verified By The Purchaser. (Id:23934)
CALL1.877.896.6727
Property Price
$675,000
Minimum Down Payment (%)
6.30%
Minimum Down Payment ($)
$42,500
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$6,750
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$50,750
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$50,750
Monthly Payment
$2,766
Be The Lucky One To Live In Style In This Prestigious Home Located Just Outside The Heart Of Montague. This Vast 4 Bedroom And 3 Bathroom Custom Built Home Is A Must See! Privacy Surrounds This Home With Mature Trees And Tastefully Manicured Grounds! You Will Be The Envy Of The Neighbourhood With The Scenic Water Views, Breathtaking Sunsets And Worthy Of Mentioning Again, The 3 Acres Of Tasteful Manicured Grounds That Surrounds This Home. There Are So Many Upgrades. To Mention A Few, This Home Boasts Main Floor Laundry, A New Metal Roof, New Furnace, Windows And Flooring. It Possesses A Solar Powered Hot Water System, Security System And Even An Electric Fence That Encompasses The Property. Full List Of Improvements Available Upon Request. Separate Entrance With The Potential For Rental Income Is Yet Another Bonus If Desired. Needing Lots Of Storage? No Problem! There Is So Much This Home Has To Offer, Do Not Miss Out On This Rare Opportunity To Own This Gorgeous Property! The Love That This Home Has Seen Over The Years Is More Than Apparent. It Is Now Your Turn To Enjoy And Love This Home Too. Come Fall In Love With This Alluring Property! Note: All Measurements Are Approximate And Must Be Verified By The Purchaser If Deemed Necessary. (Id:23934)
CALL1.877.896.6727
Property Price
$349,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,495
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,499
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$22,494
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$22,494
Monthly Payment
$1,454
A Delightful Bungalow On A Large Corner Lot In Sherwood Offering Large Living Room And Dining Room, Kitchen 3 Bedrooms, 2 Bathrooms, Recreation Room And Den. There Is A Circular Paved Driveway And Detached Garage. (Id:23934)
CALL1.877.896.6727
Property Price
$299,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,995
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,999
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$19,494
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$19,494
Monthly Payment
$1,246
Brand New Three Bedroom Rancher With Attached Garage Situated On A Quiet Lot In A Great Location. This Home Is A Open Concept With White Kitchen Cabinets, Accent Island, Ensuite Bath, Heat Pump, Deck, And Much More. The Home Has Been Meticulously Constructed By A Experienced Knowledgeable Team Of Carpenters. It Is Being Constructed In A New Subdivision So The Home Will Be Surrounded With New Builds. For Details On This Great House Call Today. (Id:23934)
CALL1.877.896.6727
Property Price
$350,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,500
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,500
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$22,500
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$22,500
Monthly Payment
$1,454
Beautiful,Majestic, Historic, A Must See 1.5 Story Historic Home, Set On .36 Of An Acre. This Home Is Just Steps Away From Colville Bay And The Northumberland Strait, With Water Views From The Front And Back Of The House. Centrally Located In The Beautiful Town Of Souris, A Short Walk To Downtown Shops, Financial And Business Area, Including The Stunning Souris Gateway Park, Beach And Boardwalk. Looking For Your Forever Home Or A Well Looked After Seaside All Season Home, Then Look No Further. Offering 5 Bedrooms And 2 Baths The Main Level Features A Large Kitchen/ Dining Room And Living Room Both With Hardwood Floors, A Spacious Family Room And Bath, Office / Den, Access To The Laundry Room And A Second Back Staircase And The Upper Level Loft Bedroom. The Upper Level Includes All 5 Bedrooms And Bath. The Loft Bedroom Is Set Apart With Access To The Second Back Staircase And The Main Level Family Room. The Home Has Many Updates Over The Time Of Ownership, Including: Windows, Chimney, Furnace, Oil Tank, Roof, Floors, Electrical Panel,Water Heater And Driveway. Beautiful Landscaped And Gardening Accents, A 28 Foot Front Porch And The Extraordinary View Of The Bay. This Home Must Be Seen To Be Appreciated. If You Are Looking For A Move In Ready Home Then Look No Further. Don't Miss This Opportunity And Call For More Information. This Home Is A Treasure And Won't Last Long. All Measurements Are Approximate And Should Be Verified By Purchaser If Deemed Necessary. (Id:23934)
CALL1.877.896.6727
Property Price
$224,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$11,245
Best Mortgage Rate (%)
1.94%
Mortgage Type
2 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,249
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$14,994
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$14,994
Monthly Payment
$934

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.