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

Under Construction This 2 Story Modern Townhouse Is A Great Family Home Situated In Charlottetown's Fastest Growing Community, Montgomery Estates. Only A Short Walk To L.M. Montgomery Elementary School. You Will Have Access To All The Amenities Charlottetown Has To Offer, While Being Able To Use The Bypass To Avoid The Downtown Traffic. With Over 1,643 Square. Ft.Of Living Space And No Condo Fees This Home Boasts 2 Levels With 3 Bedrooms And 2.5 Bathrooms. As You Enter, The Main Level Invites You Into A Spacious Entry With A Half Bath. There Is A Single Car Garage Off The Hallway. Home Features Exquisite Led Lighting With Under The Counter Lighting And Modern Exterior Lighting. The Home Has A Spectacular Open Concept Kitchen, Dining, And Living Room. All High End Finishes With A Custom Kitchen Provided By Capstone. Enjoy Your Morning Beverage As The Sun Rises From The Kitchens Modern Island With Quartz Countertops. Take The Staircase To Your Second Level To Retire For The Evening. This Level Has The Primary Bedroom With Large Walk In Closet That Leads To Your Large Ensuite. The Home Features A Large Laundry Room. Another Full Bathroom Which In Turn Leads To The Remaining 2 Bedrooms. R24 Wall Insulation And R50 In The Attic. 8 Year Luxury Home Warranty. Hst Included In Price, Rebate To Be Assigned To The Builder. Note: Tax And Assessment Values Are To Be Determined. No Pds, Property Being Sold ‘As Is Where Is’. Owner Is Listing Agent. All Measurements Are Approximate And Should Be Verified By Purchaser If Deemed Necessary. (Id:23934)
CALL1.877.896.6727
Property Price
$471,777
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$23,589
Mortgage Insurance ($)
$17,928
Mortgage Required ($)
$466,116
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,718
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$29,807
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$29,807
Monthly Payment
$2,603
Welcome To 21635 Rt 12 In Spectacular North Cape Pei. Wake Up In The Morning To Smell The Ocean Breeze & Look Out Your Front Windows To See The Waves Cresting! This Tidy 3 Bedroom Home Has Been Well Maintained Over The Years And Has A Fantastic Yard For The Children To Run Around And Enjoy With Over 5 Acres To Use. Upstairs Features Some Really Nice Features Such As French Doors, Hardwood Floors, And A Beautiful Hardwood Kitchen With Underlights. There Is A Great Basement Level That Has Been Partially Developed Over The Years And There Is Even An Additional Bathroom Down There. There Are A Couple Of Large Outbuildings That Are Also In Fantastic Shape And Are Great For That Person With A Business To Store Materials Or To Store Vehicles. A Big Plus To This Property Is That At The Far Back Of The Land There Is A Windmill That Generates Close To $2500 A Year For The Property Owner In Land Lease Payments. You Are Literally Less Than 5 Minutes From The Tip Of The Island And The North Point. (Id:23934)
CALL1.877.896.6727
Property Price
$329,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,450
Mortgage Insurance ($)
$12,502
Mortgage Required ($)
$325,052
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,290
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,240
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,240
Monthly Payment
$1,815
Well Maintained Home Located On A Quiet Street In The Town Of Montague And Within Walking Distance Of Amenities. (Grocery Stores, Banks, Schools, Hospital, Churches, Gym, Hardware Stores, Etc) This 4 Bedroom, 1.5 Bath, Split-Entry Home Has Upstairs And Downstairs Living Rooms, An Attached 2 Car Garage, A Propane Fireplace, A Couple Of Heat Pumps, A Propane Generator Ready To Kick-In In Case Of A Power Outage, A Back Yard Storage Building, Features Many Updates, And Is Ready For A Family To Move Right In. Appliances Included. (Id:23934)
CALL1.877.896.6727
Property Price
$429,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$21,495
Mortgage Insurance ($)
$16,336
Mortgage Required ($)
$424,741
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,299
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$27,294
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$27,294
Monthly Payment
$2,372
Well Maintained 3 Bedroom Rancher Located In A Peaceful Stratford Setting Perched High On The Lot With Views Of Rolling Hills In The Private Back Yard And Views Of Charlottetown Harbour In The Front. This Location Offers A Rural Feel Yet Is Close To The Best That Stratford Has To Offer. Step Into The Welcoming Foyer Where You Will Find Beautiful Hardwood Floors, Propane Fireplace With Gorgeous Mantle For Cozy Evenings, A Formal Dining Area, And A Comfortable Eat In Kitchen Overlooking The Back Yard. There Are 3 Bedrooms, And One Very Nice Full Bath To Round Out The Main Level As Well As Plenty Of Closets For Additional Storage Space. Oversized Windows Throughout Make This A Bright And Inviting Home. This Has Been An Excellent House For Entertaining. Downstairs Offers A Full Laundry Room, Half Bath, Two Rooms Used As Storage / Workshop But Could Be Future Bedrooms, Plus An Additional Recreation Room / Flex Space. There Is So Much Potential Here. Outside Offers A Great Backyard With A Spacious Deck For Entertaining And A Garden Shed For Storage. This Is A Well Loved Family Home That Will Not Disappoint. All Measurements Approximate. Pcds Available. (Id:23934)
CALL1.877.896.6727
Property Price
$369,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,495
Mortgage Insurance ($)
$14,056
Mortgage Required ($)
$365,461
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,699
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$23,694
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$23,694
Monthly Payment
$2,041
[Video & Virtual Tour Available - Click Virtual Tour / Multimedia Link To View] This Beautiful West Royalty Two Storey Has Wonderful Finishing's. The Main Floor Features A Large Open Kitchen With Dining Nook And Beautiful Livingroom With A Built In Propane Fire Place And Book Shelves. The Main Floor Bedroom/ Study Is Airy With An Artisan's Loft. Upstairs The Magnificent Master Suite Has Ample Space And A Gorgeous Ensuite And Walk In Closet. There Are 3 More Spacious Rooms On The Second Floor. The Unfinished Basement Has Ample Space To Add A Recroom, Two Additional Bedrooms And A Fourth Bathroom. Think About Adding An In-Law Suite Since This Property Has A Separate Entrance To The Lower Level! (Id:23934)
CALL1.877.896.6727
Property Price
$720,000
Minimum Down Payment (%)
6.53%
Minimum Down Payment ($)
$47,000
Mortgage Insurance ($)
$26,920
Mortgage Required ($)
$699,920
Best Mortgage Rate (%)
4.59%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$7,200
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$55,700
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$55,700
Monthly Payment
$3,909

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.