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 Examples

Located Near The End Of A Dead End Street This Highly Renovated And Well Maintained 3+1 Bedroom Bungalow With Attached Garage Is The Home You Have Been Looking For. Recent Renovations Include New Siding, Roof, 2 Heat Pumps, New Doors Etc. Fenced In Backyard Is A Great Place For Kids And Pets. Partially Finished Basement Includes Recreation Room, Laundry, Half Bath, Home Is Very Efficient With Wood / Oil Furnace And Two Heat Pumps, And A Spare Bedroom. Home Is Obviously Well Cared For And Very Well Maintained. Contact Listing Agent To Arrange Viewing This Superb Home Before It Is Gone. (Id:23934)
CALL1.877.896.6727
Property Price
$199,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$9,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$1,990
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$13,440
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$13,440
Monthly Payment
$880
There Is No Other Place In Prince Edward Island Canada That Exemplifies The Pei Lifestyle Better Than North Rustico Harbour And Lantern Hill. Within Walking Distance You Have A Complete Collection Of Things To Do Including Walks On The Boardwalk, Watching The Deep Sea Fishing Boats, Going To An All You Can Eat Lobster Buffet, Visiting One Of The Finest Waterfront Restaurants On The Island, Going For Breakfast At A Local Café, Or Spending The Day At Your White Sandy Beach. All This Is Yours At This One Of A Kind Location. Some Days You Will Want To Go Deep Sea Fishing, Visit The Local Bakery, Go Golfing, Or Go To The Theatre. The Central North Shore Location Of North Rustico Offers You The Convenience To Visit World Famous Cavendish National Park Or Slip Into The Provinces Capital City Of Charlottetown In A Few Minutes. Your New Home Feels More Like An Island Beach House Than A City Homestead. Your New Home Was Built For Fun, Family, And Entertaining With The Potential To Be An Exceptional High-End Seasonal Rental. Our Property Managers Will Handle Everything From Maintenance, Marketing, Bookings, And Bookkeeping. (Id:23934)
CALL1.877.896.6727
Property Price
$489,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$24,495
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,899
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,894
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$30,894
Monthly Payment
$2,166
Country Living At It's Best Here Is This 4 Bedroom 1700 Square Ft Home. Includes A Two Car Garage With Loft And Features A Steel Roof. Garage Also Has A Separate Area For Wood Storage Or Can Be Used For Farm Animals. Garage Measures 28X48 Great For Hobby Shop, Mechanics, Carpentry Etc. Additional Older Barn On Property Needs Some Tlc But Would Be Great For Chickens, Turkeys, Other Farm Animals. Inside The Home We Have A Large Entry, Laundry Area With Closet And In-Floor Heating Ceramic Tile. Also In-Floor Heating In The Living / Room Gazebo That Was Recently Built. This Room Is Bright With It's Cathedral Ceiling And Overlooks The Front Garden That Leads Approximately 300 Ft Down The Lane. Next To The Dining / Kitchen Area. Kitchen Layout Is Excellent For Catering Or Entertaining Company.It's Spacious And Has A Bar Type Feel With Actual Bar Stools, It Has A Built In Glass Top Stove, Built In Dishwasher, Built In Raised Oven Built In Microwave And Separate Pantry. In The Kitchen Area There Is Also A Rock Faced Wall And Outlet For Wood Stove Hook Up. Next To The Updated And Renovated Full Bath On The Left To The Gazebo On The Right, Then To Another Sitting Area And Into Another Room Presently Used As A Music Room. Upstairs We Have Four Spacious Bedrooms And A Open Landing Area At The Top Of Stairs That Can Be Used For A Reading Area Or Sitting Area. Flooring Is Mostly Hardwood, Ceramic And Some Vinyl. Some Windows Are New Vinyl. Others Are Wooden And Are Good But Need Some Touch Up Paint. The Outside Has Good Clean Vinyl. The Front Entry Has A Nice Wide Deck For Barbeque There Is Another Deck On The Side Leading From The Living Area Through French Doors. Downstairs Has A Full Concrete Foundation And Cement Floor. All Of This Is Located On 1.43 Acres Of Well Kept Land. (Id:23934)
CALL1.877.896.6727
Property Price
$129,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,495
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$1,299
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$9,294
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$9,294
Monthly Payment
$574
This Quality Built Slab On Grade Home Will Feature 3 Bedrooms, 2 Baths, Open Concept Living / Kitchen / Dining Area, Ceramic And Engineered Hardwood. Located On Alice Avenue You'll Enjoy The The Proximity To Golf, Parks, Playgrounds, Public Transit And Shopping. Only A Short Distance Away From L. M. Montgomery School. If You're Looking To For A Beautiful New Home Make This A Must See. Completion Date December 2019. (Id:23934)
CALL1.877.896.6727
Property Price
$379,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$18,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$3,790
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$24,240
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$24,240
Monthly Payment
$1,676
This Superb Home Has The Perfect Setting On Its 1.91 Acre Lot With Trees And A Lovely View Of Hills, Valleys And Distant Water View. Main Floor Has A Wonderful Entrance With Ceramic Tile And Closet. Then You Have This Gorgeous Wide Open Space! White Kitchen Cabinets With Stainless Steel Appliances Open To The Beautiful Dining Room And Living Room With Tons Of Light Pouring In. The Dining Area Is A Large Space Perfect For Your Harvest Table & Hutch, Lovely Space For Family Dinners Or For Social Gatherings. The Living Room Is Warm And Cozy, Has Lots Of Space For Your Big Screen Tv Or Curl Up By The Window And Relax Enjoying The Countryside Views. The Floors Are Spectacular And The Main Level Bathrooms Are Crisp And Clean Design.The Master Bedroom Is Delightful With Its Private Bath And Walk In Closet. The Guest Bedrooms Are Well Appointed And A Great Size For Comfort. Downstairs There Is A Large 4Th Bedroom With 2 Egress Windows And Closets, Bathroom, Recreation Room And Storage Space. The Basement Is A Wonderful Area Where The New Owners Can Put Their Finishing Touches On. The House Is In A Very Desirable Location Close To Stanley Bridge Marina And 4 Champion Golf Courses, Green Gables, Anderson's Creek, Eagles Glenn, And Glasgow Hills, Plus Minutes From Cavendish Beach! This Wonderful Property Has Been Operating As And Currently As Executive Summer Rental Property. Great For Someone Looking For An Investment Or An Excellent Family Home. Nearby You Will Find Fishing, Shops, Churches, Music, Beaches, Restaurants, Bar & Grills, Oyster Bar And So Much More. Lots Of Room For A Garage To Be Built On The Property. All Measurements Are Approx. (Id:23934)
CALL1.877.896.6727
Property Price
$285,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,250
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,850
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$18,600
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$18,600
Monthly Payment
$1,260

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.