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

Large 5 Bedroom Cape Cod With Large Rooms And Plenty Of Storage And Closets. Separate One Bedroom Apartment At The Back Could Be Used For A Home Office, In-Law Suite Or For Rental Income. House Has 3 Bedrooms Upstairs And 2 On The Main Level, (And One In The Apartment). Many Updates Including Windows, Furnace, Pellet Stove, Etc. Main Floor Laundry Room With Patio Doors To Deck. Main Floor Living Area Is 2028 Square Ft, Total Living Area Is 3372 Square Ft. Large Well Landscaped Lot With Many Mature Trees. 10 Minutes To Summerside, 40 Minutes To Charlottetown. Will Soon Need Roof Replaced, Roof Has Proper Slope And Direction For Solar Panels. (Provincial Grant May Apply). All Measurements 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 (%)
1.69%
Mortgage Type
3 Years Fixed
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
$1,090
A 3 Bedroom Bungalow In Town That Just Had A Renovation, This Home Has A Full Concrete Basement With Potential For More Living Space If Needed. This Is Somee Of The Renos, Vinyl Exterior Siding, New Windows & Doors (Exterior). New Steel Roof Covering, Looks Like Shingles, Not The Sheet Steel Roofing, New Decks, 2 New Heat Pumps For Heat & Air Conditioning. All New Flooring, New Trim, Kitchen Cabinets Counterop, Bath And More. A Nice Bungalow In Town. (Id:23934)
CALL1.877.896.6727
Property Price
$174,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$8,745
Mortgage Insurance ($)
$6,646
Mortgage Required ($)
$172,801
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$1,749
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$11,994
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$11,994
Monthly Payment
$706
Beautiful Custom Built, 6 Bedroom, 3 Bath Home Located In One Of Charlottetown's Most Popular Communities, Bell Heights ! It Is In The Core Of West Royalty And Within Walking Distance To West Royalty Elementary, The Community Center, Parks And Close To All Amenities! This Home Features A Bright Entryway Leading To A Beautiful Staircase, Just Adjacent Is A Large Greeting Room With Built In Cabinet / Fireplace. Check Out The Open Concept Great Room, Including Kitchen, Family Room And Dining Room With Patio Doors Leading To Your Entertaining Area With 2 Tier Deck, Hot Tub And Fire Pit. Separate Mud Entrance, Laundry And Half Bath Complete This Level. The Second Floor Features A Spacious Master And Includes A Welcoming Reading Nook. You Will Be Impressed With The Large 4 Piece. Bath, 3 Other Very Well Sized Bedrooms And Bonus Room That Complete This Upper Level. The Lower Level Includes Family Room, 2 Bedrooms And A 3 Piece. Full Bath. Call Or Text For You Private Tour! Please Note:Tax And Assessment Values Listed Are For Non Residence. All Measurements Are Approximate And Should Be Verified By Purchaser(S) If Deemed Necessary. (Id:23934)
CALL1.877.896.6727
Property Price
$438,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$21,900
Mortgage Insurance ($)
$16,644
Mortgage Required ($)
$432,744
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,380
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$27,780
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$27,780
Monthly Payment
$1,768
*Coming Spring 2021, New Construction*. Located In Emery Estates, East Royalty This Three Bedroom, Two And A Half Bathroom Custom Home Is Located On A Large Corner Lot, Backing Onto Community Green Space And Soccer Fields. Scheduled To Be Completed Early In Spring 2021, This Home Will Feature A Large Double Garage, Shaker Style Cabinetry, Solid Surface Counter Tops, Engineered Hardwood Flooring, And Wood + Stone Exterior Accents. The Open Concept Floor Plan Creates Ample Space For Family Entertaining, As Well As A Private Office Space For Working Professionals. The Lower Level Is A Full Walk Out, And Has The Potential For Additional Bedrooms And Living Space. Custom Finish Options Available To Suit Your Needs. (Id:23934)
CALL1.877.896.6727
Property Price
$469,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$23,450
Mortgage Insurance ($)
$17,822
Mortgage Required ($)
$463,372
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,690
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$29,640
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$29,640
Monthly Payment
$1,894
The Most Affordable Home In Stratford Is On The Market. The Word New Is Repeated Many Times While Describing This Property New Shingles, New Siding, New Deck, New Windows, New Floors, New Finishes, New Doors Inside And Out, New Bathroom, New Cupboards, New Electric Panel, New Heating System, New Paint! Check Out The Pictures. The Lower Level Is Ready To Make It Look Just Like You Hoped! Large Yard. Note Taxes Are An Estimate While The Property Is Subdivided. (Id:23934)
CALL1.877.896.6727
Property Price
$199,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,995
Mortgage Insurance ($)
$7,596
Mortgage Required ($)
$197,501
Best Mortgage Rate (%)
1.69%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$1,999
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$13,494
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$13,494
Monthly Payment
$807

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.