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 Examples

Here Is A 3 Bedroom Home In Alberton On A Dead End Street. Less Than 5 Minute Walk To The Water At The End Of The Street. This Was A Mini Home That Had An Addition And Roof Built Onto It. There Is Newer Roof Shingles. Home Has A Heat Pump And Electric Baseboard For Heating And There Is A Wood Stove In Kitchen. Home Has A Front And Rear Deck For Relaxing And All Sits On 3 / 4 Of An Acre. (Id:23934)
CALL1.877.896.6727
Property Price
$99,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$4,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$990
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$7,440
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$7,440
Monthly Payment
$438
Peis Energy Efficient Community At Its Finest! These Brand New & Well Constructed Condos Are Located In A New & Quiet Neighborhood In Sough-After West Royalty. Utilizing Advanced Technology Such As Cif Construction & Spray-Foam In All Exterior Walls, Carbon Therm Heating Pads, 20 X Solar Panel, Triple Pane Windows And Doors, Intelligent Climate Control & Much Moremaking These Condos The Most Energy Efficient Homes Ever Built In Pei. Main Level Features An Open Concept Living & Dining Area With A Modern European Styling And Design Kitchen Cabinetry, Complimented By Stainless-Steel Appliances & Back-Plash. Upper Level Offers A Very Roomy Master Bedroom With An Ensuite And His &Hers Walk-In Closet & A Walk-In Shower, Two Other Good Size Bedrooms, A Full Bathroom And A Laundry Room. Lower Level Can Be Easily Transformed For More Living Space As Required. The Condo Fee Covers Snow Removal Of Driveway & Grass Cutting Which Makes It An Ideal Home For People Planning To Enjoy Pei Beautiful Summers And Travel In Winter Time. Please Check Out The Presentation Package With All The Fine Features Of These High Quality Built Condos In Enderis Park Subdivision. All Measurements Are Approximate And Should Be Verified By Purchaser(S) If Deemed Necessary. Listing Price Includes Hst & 7 Years New Home Warranty. Hst Rebate To Be Assigned Back To Vendor At Closing. Check Out The "Virtual Tour" Of The Property By Clicking On "Multimedia". (Id:23934)
CALL1.877.896.6727
Property Price
$308,995
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$15,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,090
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$20,040
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$20,040
Monthly Payment
$1,366
This Very Tidy 2 Bedroom Home Has So Much Potential. A Full Partially Developed Basement That Could Easily Be Transformed Into A Recreation-Room, Bedroom Or Office. The Walk-Up Attic Could Be Turned Into A Studio, Bedroom, Den Or Possibly A Reading Room. Plenty Of Storage Room, Large Entry Mudroom And Laundry Area In The Basement. A Reasonably Priced Starter Home With Many Recent Upgrades To Include, Paved Driveway, Completely Insulated, Windows, Water Softener, Roof Shingles, Fiberglass Oil Tank, Furnace, Hot Water Heater And More. Move-In Ready. (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)
$1,450
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$10,200
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$10,200
Monthly Payment
$641
Attention All First Time Home Buyers! Welcome To 62 Gulfview Crescent. This Great Home In The Heart Of North Rustico, Pei Features 2 Bedrooms And One Bathroom (If You Moved Laundry To Basement, This Could Be 3 Bedroom). The Home Has Seen Some Updates Including Vinyl Siding, Newer Windows, And Newer Roof. The Property Consists Of Two Parcels, The House Is Sitting On One, And Next Door Your New Workshop Or Large Storage Building Sits On A Different Property. There Is 0.78 Acres In Total. Great Property For A First Time Home Buyer, Senior Couple Looking For One Level Living, Or It Would Make A Great Summer Home! This Beautiful Fishing Village Has So Much To Offer, And This A Solid Home In The Perfect Community. If You're Wanting To Move To "The Crick", Here Is Your Opportunity! (Id:23934)
CALL1.877.896.6727
Property Price
$219,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$10,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,190
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$14,640
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$14,640
Monthly Payment
$968
This Brand New (Under Construction) Split Entry Home In East Royalty Boasts Over 2200 Square Ft Of Living Space As Well As An Oversized Double Garage. Complete Open Concept Design. 4 Beds, 3 Baths. Some Features Include; Master En-Suite With 5 Ft Tiled Shower And Walk In Closet. Lower Level Family Room Has Garden Door To Back Yard. Quartz Countertops And 8 Year New Home Warranty. Don't Miss Out On Your New Home! It's Sure To Please! (Id:23934)
CALL1.877.896.6727
Property Price
$399,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,990
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$25,440
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$25,440
Monthly Payment
$1,764

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.