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

56 Enderis Lane!...Peis Energy Efficient Community At Its Finest! This Two Year Old Well Constructed Town House Condo Is Located In A New & Quiet Neighborhood In Sough-After West Royalty. Utilizing Advanced Technology Such As Icf Foundation, 20 X Solar Panel, Triple Pane Windows And Doors, Intelligent Climate Control & Much Moremaking This Condo Townhouse The Most Energy Efficient Home 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, Two Other Good Size Bedrooms, A Full Bathroom And A Laundry Room. The Basement Is Finished In This Unit. 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. Check Out The "Virtual Tour" Of The Property By Clicking On "Multimedia". (Id:23934)
CALL1.877.896.6727
Property Price
$344,990
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,250
Mortgage Insurance ($)
$13,110
Mortgage Required ($)
$340,850
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,450
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$22,199
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$22,199
Monthly Payment
$1,354
Located Just Beyond Downtown Montague And Its Many Accessible Amenities And Municipal Services, 248 Route 17 Is A Palatial Country Home That Sits Solidly On 1.17 Clipped Acres, Beautifully Accentuated By Bordering Greenery. A Long, Tree-Lined Drive Is Elegantly Bifurcated To Provide Convenient And Orderly Entry, Exit And Parking, While An Incredible, Partially-Covered Wraparound Patio Offers A Stately Country Welcome To All With Convenient Front, Side And Rear Entry All Round. Once Inside, A Clean, Resplendent Interior Accented By Varnished Wood Trim Instantly Gives One A Homey Sense Of Warmth And Belonging. A Large Formal Dining Room Off The Front Hall Provides Ample Hospitality For Family And Friends To Gather During The Holidays, While Twin Sitting Rooms Separated By Sleek Glass-Panelled Doors Offer Comfort And Accommodation For After-Dinner Relaxation And Festivities! Beyond The Dining Room, A Huge Living Area With A Large Picture Window Awaits, Currently Furnished As An Exercise Space, While The Homes Impressive Kitchen Tantalizes With Culinary Possibility, Accented By More Wood Trim And A Full Array Of Appliances. A Gleaming Main-Floor Bath Doubles As A Laundry Nook, Accoutered With A Slick Mirrored-Glass Walk-In Shower And Pedestal Sink; Another Full Bath With Integrated Sink And Countertop Accompanies The Homes Master Bedroom, Which Also Boasts Its Own Private Balcony. Upstairs, An Immense Second Floor Landing Makes It Easy For The Whole Family To Manage That Hectic Morning Or Bedtime Traffic With Minimal Stress. A Large, Shared Full Bath Is Situated Between Four Of The Homes Comfortable Second-Floor Bedrooms. And Finally, Downstairs, The Homes Full, Unfinished Basement Awaits A Loving Touch To Turn This Promising Space Into Guest Living And / Or Recreational Quarters; It Even Comes Equipped With A Bonus Laundry Space And Half-Bath! Showings Are Available By Booking Your Own Personalized, Private Tour Today (Id:23934)
CALL1.877.896.6727
Property Price
$310,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$15,500
Mortgage Insurance ($)
$11,780
Mortgage Required ($)
$306,280
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,100
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$20,100
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$20,100
Monthly Payment
$1,217
Waterfront Gem In Murray Harbour. Looking For A Little Piece Of Heaven On Pei, Then Look No Further. Situated In A Quaint Community, You Will Be Able To Have Most Of Your Amenity Needs Met Right Here In Murray Harbour With Only A 20 Minute Drive From The Town Of Montague And 50 Minutes To Charlottetown. The Property Itself Has A Gradual Slope To The Waterfront Where You Can Enjoy A Quiet Morning Or Afternoon Kayaking The Waterway. Pride Of Ownership Is Apparent With This Custom-Built Home Created From Storage Containers Transformed Into This Unique Bungalow Style Oasis. The Solid, Spacious, Open Concept Living Room, Dining Room, Kitchen Is A Perfect Retreat Whether Year-Round Or If You Are Looking For A Seasonal Property. It Features Three Great Sized Bedrooms And A 3 / 4 Bath With Laundry Too. Enjoy Peaceful Evenings Out On The Back Deck While You Watch The Sun Set And Boats Sail By. There Is The Potential Of Purchasing The Contents At An Additional Cost Of $12,000 - Many Of The Pieces Have Been Imported In From Mexico. Call Today For Your Private Viewing Before It Is Gone. (Id:23934)
CALL1.877.896.6727
Property Price
$245,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,250
Mortgage Insurance ($)
$9,310
Mortgage Required ($)
$242,060
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$2,450
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,200
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,200
Monthly Payment
$962
[Video & Virtual Tour Available - Click Virtual Tour / Multimedia Link To View] Welcome To 49 Kenlea Drive In The Sought After Sherwood Neighbourhood. This Meticulous Bungalow Has Been Tastefully Updated With Many High End Finishes. Walk Through The Front Door To A Lovely, Spacious And Bright Open Concept Living, Dining And Kitchen Area. The Updated Kitchen With Large Island, Granite Countertops, Ample Cupboard Space Is An Inviting Space To Prepare Supper And Entertain! The Main Floor Has Seen Many Updates Over The Recent Years Including Flooring, Lighting, Trim, Doors, The List Goes On. The Main Floor 4 Piece Bathroom Is Absolutely Stunning And Boasts Beautiful Cabinetry, Tile Work, Vanity With Quartz Countertop, In Floor Heating. The Master Bedroom Is Extremely Spacious And Was Actually 2 Bedrooms In The Past. The Double Closets Are Perfect For Storage. The Second Bedroom Is Also A Great Size. Downstairs You Will Find A Spacious Recreation Room Area, A Large Den Or Office That Is Currently Set Up As A Bedroom But Would Need A Window (Specifically Egress) For It To Be Considered A Legal Bedroom And Convenient 2 Piece Bathroom. In The Storage Room, There Is An Updated High End Furnace & Water Heater (2015), Washer, Dryer, Fibreglass Oil Tank And Plenty Of Room For Additional Storage. The Roof Is Approximately 5 Years Old. This Sweet, Well Cared For Home Is Situated On A 0.30 Acre Private Lot With Mature Trees, A Storage Shed On A Very Quiet Street. This Move-In Ready Home Is Awaiting Its New Owner To Just Move In And Enjoy. Please Schedule Your Private Showing As Soon As Possible As This Opportunity Truly Will Not Last Long. (Id:23934)
CALL1.877.896.6727
Property Price
$339,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,995
Mortgage Insurance ($)
$12,916
Mortgage Required ($)
$335,821
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,399
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,894
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,894
Monthly Payment
$1,335
Fabulous Curbside Appeal Family Home Located In A Highly Sought After Stonington Subdivision In Stratford. High-Quality Build With Many Intricate Details Give This 1.5 Year Young House A Very Inviting Feel. This Home Features A Well Laid Out Open-Concept Main Floor Plan With Nine Foot Ceilings And Crown Moldings Throughout. The Living Room Is Complete With Built-In Shelves, And A Well Appointed Electric Fireplace. The Kitchen Features White Modern Cabinetry. , Quartz Countertops With Large Eat-In Island. All Stainless Steel Appliances. Main Floor Also Consists Of A Formal Dining Room And A Half Bath. The Primary Bedroom On The Second Floor Comes Equipped With A Beautiful Ensuite Bath With A Sliding Barn Door, A Large Walk-In Dressing Closet, And A Heat Pump. The Panned Ceiling Makes This Room Even Higher And "Roomier". Also On The Second Floor There Are Two Good Sized Bedrooms, A Main Bathroom, And A Laundry Room. The Lower Level Features A Large Family Room As Well, And Consists Of A Fourth Bedroom, A Full Bathroom, And A Large Storage Facility. The Heated, Double Garage With Extra Storage Space Makes It The Perfect Place For Your Vehicles. Some Of The Numerous Features Include: Engineered Hardwood Floors, Ceramic Floor, Electric Fireplace, Three Heat Pumps, Etc. Too Many To List! Book Your Viewing Appointment Today, And See This Amazing Home For Yourself. All Measurements Are Approximate. Best If Verified By The Purchaser. (Id:23934)
CALL1.877.896.6727
Property Price
$699,000
Minimum Down Payment (%)
6.42%
Minimum Down Payment ($)
$44,900
Mortgage Insurance ($)
$26,164
Mortgage Required ($)
$680,264
Best Mortgage Rate (%)
1.45%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$6,990
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$53,390
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$53,390
Monthly Payment
$2,703

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.