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

Check Out This Charming 4 Bedroom, 2 Bath Home Situated On Great Corner Lot In East Royalty. Enjoy A Bright Kitchen And Open Concept Living / Dining Room. Plenty Of Space For All Your Family Needs. Great Landscaping And An Attached Garage. This Property Is Just Minutes To Downtown Charlottetown, Close To Upei And Great Schools And Shopping. Call Today To Book A Showing. (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 (%)
1.80%
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
$1,329
Beautiful Water View Property Located In The Scenic Fishing Village Of Murray Harbour. This Pristinely Maintained, 4 Bedroom 2.5 Bathroom Home, Has Been Tastefully Decorated, And Is Sure To Impress! Main Level Has A Lovely Open Concept Kitchen And Living Room With Picturesque Water Views Of The Bay. The Master Bedroom And Spacious Custom Ensuite Are On The Main Level As Well, And There Is An Additional Living Room / Great Room Above The Garage. Downstairs There Are 3 Bedrooms And A Full Bathroom, And The Laundry Room And Mudroom. Home And Property Have Had Many Recent Upgrades Which Include New Decks, A Metal Roof, Renovated Bathrooms And Laundry Room, The Ensuite, Heat Pump, A Wood Stove In The Great Room, And Much More. Property Has A 70 X 40 Shop With A Large Door For A Boat Or Heavy Equipment, As Well As A Regular Shop Door. It Has A Concrete Floor, A 200-Amp Service, Mezzanine For Storage, And A Closed Off 20X20 Insulated Workshop Build Inside. There Is Also Potential For Purchasing Addition Land With This Property. (Id:23934)
CALL1.877.896.6727
Property Price
$549,000
Minimum Down Payment (%)
5.45%
Minimum Down Payment ($)
$29,900
Mortgage Insurance ($)
$20,764
Mortgage Required ($)
$539,864
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,490
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$36,890
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$36,890
Monthly Payment
$2,234
(Video) Exciting New Price On This Meticulous Water View Home In The Picturesque Community Of Stanley Bridge. Owners Are Motivated To Begin Their New Building Project And Are Now Offering This Great Opportunity For Searching Home Buyers. Truly A Once In A Lifetime Chance To Buy One Of The Most Charming Harbour View Acreages On Pei. This Property Is Located In A Very Sought-After Resort Community On Prince Edward Islands World Famous North Shore And Cavendish Beach Area Walk To Carrs Oyster Bar Or To Your Boat That Is Tied Up In The Newly Expanded And Fully Equipped Marina - One Of The Finest On The Entire East Coast. Watch The Sunrise Over The Quaint Fishing Village From Your Massive Wrap Around Deck Or Maybe Take In The Full Moon Over The River And Bay From One Of Two Fire Pit Areas (Propane And Wood). Only A Short Walk Or Drive To Peis Festivals Of Small Halls, Championship Level Golf Courses, White Sand Beaches, And Iconic Rolling Landscapes. The Finest Shellfish, Scenery, And Hospitality That Prince Edward Island Has To Offer Is Waiting For You At 151 Campbellton Road In The Historic Seaside Hub Of Stanley Bridge. This 3-Bedroom / 1.5 Bath 2,200Sqft Home Was Built In 1982 And Features An Attached And Heated Single Car Garage And A Finished Basement With A Custom Built Lounge Area. There Is Propane, Electric And Cozy Wood Heat Available Making This A Year-Round Escape Fit For Any Season. Many Upgrades In The Last Few Years To Make This A Move In Ready Purchase There Is Even A Fully Integrated 7500Watt Generator. Don't Think Too Long On This All Serious Offers Will Be Considered. Extra Acreage Is Also Available In A Total Package Deal, Complete With A Pre-Approved Letter Of Subdivision For Versatile Investment Options For Now Or The Future. Call Today To Book Your Own Personal Viewing! Click The "Multimedia Links" On The Listing To See All Video Tours. (Id:23934)
CALL1.877.896.6727
Property Price
$299,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,995
Mortgage Insurance ($)
$11,396
Mortgage Required ($)
$296,301
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
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
$1,226
This Home Has So Much Potential And Would Make A Perfect Home For A Growing Family! Just Minutes From The Boardwalk This Home Features 4 Bedrooms Upstairs And A Full Bath. Down Stairs There Is A Living Space, Kitchen With Formal Dining Room Plus A Bonus Room Currently Being Used As A Bedroom So It Could Easily Be A Main Floor Master But Would Also Make A Perfect Playroom, Office, Craft Room, Game Room, Tv Room Etc. Possibilitys Are Endless. This House Sits On A Good Sized Corner Lot And Is A Short Distance From Shopping Centres, Restaurants, Grocery Stores, Gas Stations, And More! This Home Will Be Ready For A January 31St 2021 Closing And Is Being Sold As Is, Where Is. All Measurements Are Approximate And Should Be Verified By The Purchaser Is Deemed Necessary! Call Today To View This Property! (Id:23934)
CALL1.877.896.6727
Property Price
$149,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$7,450
Mortgage Insurance ($)
$5,662
Mortgage Required ($)
$147,212
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$1,490
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$10,440
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$10,440
Monthly Payment
$609
[Video Tour Available - Click Virtual Tour / Multimedia Link To View] Stunning, Is The Feeling You Get When You First Enter This Incredible Home, Inviting Spacious Living Room With High Vaulted Ceilings, Large Propane Fireplace That Opens Up To A Large Dining Room And A Kitchen That's Perfect For Entertaining. Granite Countertops Is The Perfect Match For This Custom Cabinetry The Large Island Features Features Its Own Sink And Sit Up Area. On The Second Level Is Where You Will Find 3 Beautiful Bedrooms With Large Master With Full Walk In Closet And En-Suite Featuring An Elegant Jet Tub To Take The Days Stresses Away. 2 Full Baths, With 1 / 2 Bath On The Main Level Gives You A Total Of 3 Baths. The Lower Level Is Ready For Your Development With Plumbing In Place For A 4Th Bath. Room For 2 Extra Beds Plus Living Space With A Full Walk-Out Perfect For Outdoor Activities And Entertainment. Also, There Is A Full Sized Lot .24 Acres Located To The Left Of The House, Which Has Been Professionally Landscaped With Island Stone That Can Be Sold Together With The House Or Separate On Its On. Please Contact Realtor For Details. All Measurements Approx Should Be Verified By Purchasers. (Id:23934)
CALL1.877.896.6727
Property Price
$599,800
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,980
Mortgage Insurance ($)
$22,593
Mortgage Required ($)
$587,413
Best Mortgage Rate (%)
1.80%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$5,998
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$42,478
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$42,478
Monthly Payment
$2,431

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.