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

Located 5 Minutes From All Montague Family Of Schools, Grocery Stores, Pharmacy And Restaurants, This Home Will Entice New Home Buyers In This Quiet Subdivision. The Tcap Aquatic Center Is A One-Minute Drive As Is The Public Library And Local Hockey Arena As Well! The Beautiful Stone Walkway Welcomes Your Family To This Newly Constructed Home Featuring Main Floor Living With An Open Concept Floor Plan. A Beautiful Kitchen And Island Featuring Quartz Countertops And Under Glow Backsplash Lighting Boasts A Samsung Appliance Package Allowing Home Owners To Entertain Guests As They Relax In The Spacious 16Ft Vaulted Ceiling Great Room. Tons Of Natural Lighting Makes This Space An Inviting And Warm Area To Watch Movies With Your Family Or Cozy Up With Great Book. A Custom Sleek Black Fireplace And Tv Feature Wall Is Sure To Make A Statement In The Main Living & Dining Areas. The Main Living Area Of The Home Is Equipped With A Heat Pump System For Heating In The Winter And Temperature-Controlled Air Conditioning For The Summer Months. The Master Bedroom Includes A Walk-In Closet Along With An Ensuite Featuring A Custom Shower And Oversized Soaker Tub. The Other End Of The Home Features Two Large Bedrooms Which Share The Main Bathroom. All Bedrooms Feature Ceiling Fans For Sleeping Comfort. Luxury Vinyl Plank Flooring Has Been Used Throughout The Home While Both Bathrooms Feature Carrara Marble Porcelain Tile. This Property Also Includes A Covered Front Porch, Large Back Deck And A Two-Car Garage With Ample Storage. The Mudroom Allows For Storage While The Large Laundry Room Features A Samsung Laundry Pair As Well As A Storage Area. Professional Landscaping Will Be Provided Once The Ground Firms Up In The Spring So The New Homeowners Can Sit Back And Enjoy Their Beautiful New Home. Finally, This Home Comes With An 8 Year Luxury New Home Warrant To Protect Your Investment. Listing Agent Is The Vendor On This Home. (Id:23934)
CALL1.877.896.6727
Property Price
$519,000
Minimum Down Payment (%)
5.18%
Minimum Down Payment ($)
$26,900
Mortgage Insurance ($)
$19,684
Mortgage Required ($)
$511,784
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,190
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$33,590
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$33,590
Monthly Payment
$3,017
Located Immediately Outside Of Montague Is This Beautiful, Very Well Cared For Bungalow. Sitting On 0.3 Acres, Its Large Trees, Paired With An Updated Back Deck, Make For A Wonderfully Private Yard For Entertaining. A Sizable Double Driveway And Detached Garage Offer Extra Storage. On The Main Floor Are A Kitchen With Updated Cabinets And New Appliances, A Dining Room As Well As A Living Room With New Oversized Windows That Allow For An Abundance Of Natural Light. A Very Spacious Master Bedroom, 2Nd Bedroom And Updated Full Bathroom Complete The First Floor. The Basement Is Finished With A Considerable Family Room, Recreation Room, Laundry Room And Updated 3 Piece Bath Providing Ample Extra Living Space. The Family Room's Egress Windows Adds Opportunity For Additional Bedrooms In The Lower Level. All New Windows On Main Floor In 2021, New Asphalt Roof In 2023. Interior Updates Include Kitchen Appliances, Kitchen Cabinet Door Fronts And Hardware, Bathroom Fixtures And Flooring And Wood Stove In Basement. (Id:23934)
CALL1.877.896.6727
Property Price
$359,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,950
Mortgage Insurance ($)
$13,642
Mortgage Required ($)
$354,692
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,590
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$23,040
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$23,040
Monthly Payment
$2,091
Welcome To 11 Penzie Lynn ? A Charming 3+1 Bedroom Home Boasting Numerous Renovations, Ensuring Modern Comfort And Style. Nestled In A Tranquil Neighborhood, Its Adjacency To A Park Adds A Touch Of Serenity For Your Family. Enjoy The Convenience Of Nearby Amenities And Just A Short 10-Minute Drive To Charlottetown. This Residence Is Not Just A House; It's A Haven For Your Growing Family. With A Fully Finished Basement, 4Th Bedroom And 3 / 4 Second Bath Your Family Has Lots Of Room To Grow Here. Don't Miss The Opportunity To Make It Yours. No Pcds, Sold As Is Where Is. All Measurements Are Approximate And To Be Verified If Deemed Necessary. (Id:23934)
CALL1.877.896.6727
Property Price
$409,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$20,450
Mortgage Insurance ($)
$15,542
Mortgage Required ($)
$404,092
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,090
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$26,040
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$26,040
Monthly Payment
$2,383
To Be Moved To Your Lot! This 2002 Prestige Mini-Home Is Looking For A New Location & A New Family! With 3 Bedrooms, 2 Full Bathrooms And A Lovely Open Concept Design, You May Want To Book Your Showing Today! The Stunning, Large Windows Are Perfect To Enjoy Your New View From! The Kitchen Island Awaits Your Morning Coffee Or Evening Catch-Up With Your Family & Friends. The Open Concept Design Is Perfect For Entertaining. Tucked Away On One End, You Will Discover The Well Sized Primary Bedroom Featuring French Doors Opening Into Your Full Ensuite Bath, With An Oversized Soaker Tub. 2 Bedrooms, Another Full Bathroom And The Laundry Are At The Other End Of This Home. Upgrades Include: New Roof In 2023, New Furnace In 2020 As Well As Updated Flooring, Skirting, New Hot Water Heater, New Dishwasher In 2021 & Fridge, Washer & Dryer Updated In The Past 5 Years! (Id:23934)
CALL1.877.896.6727
Property Price
$159,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$7,950
Mortgage Insurance ($)
$6,042
Mortgage Required ($)
$157,092
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$1,590
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$11,040
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$11,040
Monthly Payment
$926
Unit # 36 At "The Gables" Is Now For Sale. This 2 Bedroom, 2 Bath Home Is A Wise Investment If You Are Looking For A Short Term Rental, Long Term Rental, Retirement Or A First Time Home Buyer. The Gables Community Has Become The Place To Be, A Winter Paradise For Snowmobilers, Skiers, Snowshoers And A Summer Delight Surrounded By Golf Courses, The National Park Beaches, Entertainment Options, Many Fine Restaurants And All That Pei Has To Offer Or Just A Place To Relax With Family And Friends. The Gables Also Offers Access To A Pool, Tennis Courts And A Gym. This Unit Has A 4 Piece Ensuite Off Of The Primary Bedroom And A 3 Piece Washroom Off Of The 2Nd Bedroom. You Will Be Impressed With The Open Concept, Quartz Countertops, In Floor Electric Heating, Heat Pump, The Large Deck And All The Appliances Are Included. The Utility Room Has Its Own Exterior Separate Entrance. All Measurements Are Approximate And Should Be Verified If Deemed Necessary By The Buyer. (Id:23934)
CALL1.877.896.6727
Property Price
$262,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$13,100
Mortgage Insurance ($)
$9,956
Mortgage Required ($)
$258,856
Best Mortgage Rate (%)
5.14%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,620
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$17,220
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$17,220
Monthly Payment
$1,526

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.