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

Have A Look At This Sweet One Level Home In The Heart Of North Rustico Within Walking Distance To Shops, Restaurants And Beaches. This Home Features An Open Concept Kitchen And Dining Area Leading To A Spacious Living Area With Ample Space For An Office Or Reading Nook, Then On To 3 Nicely Sized Bedrooms And An Updated Bathroom. There Is A Flex Room Off The Living Room With Door To Outside Which Could Have Many Potential Uses Such As A Mud Room, Office, Even A Potential 4Th Bedroom. An Expansive Deck Stretches Along The Entire South Side Of The Home And Wraps Around The Front. A Full Basement Offers Great Storage And Potential For Additional Living Space. There Is A Nice Accessory Building On The Property With A Loft For Additional Storage. If You Are Looking For A Great Location To Call Home In The Village Of North Rustico, This Could Be The One! All Measurements Approximate And Should Be Verified If Necessary. Pcds Completed. (Id:23934)
CALL1.877.896.6727
Property Price
$324,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,245
Mortgage Insurance ($)
$12,346
Mortgage Required ($)
$321,001
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,249
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$20,994
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$20,994
Monthly Payment
$1,552
New Home With Quality In West Royalty, Charlottetown! The Welcoming Split-Entry Home Has 4 Good Size Bedrooms, 3 Full-Bathrooms, And The Double-Car Garage. Bright And Open-Concept Living Room, Dinning And Kitchen. Stunning Quartz Counter-Top. Neat & Clean Electric Heaters And Heat-Pump. 8-Year Luxury Home Warranty. All Measurements Are Approximate, Purchaser To Verify. Appliance Not Included. Construction Plans To Complete By January 2023. Listing Price Includes Hst With Rebate Back To The Builder. Lot-249 In The Surveys. (Id:23934)
CALL1.877.896.6727
Property Price
$598,000
Minimum Down Payment (%)
5.82%
Minimum Down Payment ($)
$34,800
Mortgage Insurance ($)
$22,528
Mortgage Required ($)
$585,728
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,980
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$42,280
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$42,280
Monthly Payment
$2,832
Welcome To 391 Myrtle Street, Located In The Heart Of The City You'll Find This Cozy 3 Bed, 1 Bath Home Ready For It's New Owners. Close To All Shopping, Schools, And A 30 Second Walk To The Confederation Trail. This Home Has Something For Everyone. The Basement Has Its Own Separate Entrance, As Well As Plumbing Rough In To Convert The Basement Into An Excellent 2 Bedroom Apartment To Help Garner Extra Income. All Measurements Are Approximate And Should Be Verified By Purchaser. (Id:23934)
CALL1.877.896.6727
Property Price
$269,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,495
Mortgage Insurance ($)
$10,256
Mortgage Required ($)
$266,661
Best Mortgage Rate (%)
3.20%
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
$1,289
This Well-Maintained And Beautifully Updated Bungalow Features An Open Concept Kitchen And Dining Room, Spacious Living Room, 3-Bedrooms, A Full Bath And Laundry On The Main Level. The Lower Level Offers A Cozy Family Room, Full Bathroom, Flex Room, And Storage Room. This Home Has Been Meticulously Maintained And Has Seen Many Updates In The Past Two Years Including New Electrical, Vinyl Siding, Insulation, Doors, Kitchen, Floors, Bathrooms, Windows, And Is Pre-Wired For A Heat Pump! (Id:23934)
CALL1.877.896.6727
Property Price
$429,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$21,450
Mortgage Insurance ($)
$16,302
Mortgage Required ($)
$423,852
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$4,290
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$27,240
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$27,240
Monthly Payment
$2,050
Welcome To This Well Maintained Mini-Home Located In Chateau Estates. This Home Features New Appliances In 2015 And New Propane Tanks In 2022. The Roof Was Newly Replaced In 2019. This Home Is Vacant And Easy To View. If You Are Looking For Your First Home, This Could Be Yours. All Offers Will Be Presented On July 13Th, 2022. (Id:23934)
CALL1.877.896.6727
Property Price
$177,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$8,850
Mortgage Insurance ($)
$6,726
Mortgage Required ($)
$174,876
Best Mortgage Rate (%)
3.20%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$1,770
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$12,120
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$12,120
Monthly Payment
$846

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.