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

Talk About Location! Macdonald Avenue Has Been Judged "Best Street" & When You See It, You Will Know Why! This Well Manicured, Corner Lot Offers You A Wonderful New Location To Call Home, Within Walking Distance To Everything! Enter The Home Through The Large Sunroom, Which Offers Many Possibilities. With 2 Bedrooms Downstairs & 2 Bedrooms Up, This Home Also Offers Main Floor Laundry. A Large Living Room, Kitchen And Dining Area And Full Bath Round Out The First Floor. Downstairs, Off The Dining Area, You Will Find A Cozy Wood Stove In The Family Room. The Upstairs Bedrooms Offer Amazing Storage Options As Well As A Claw Foot Tub In The Ensuite Bath. This Home Has Been Well Cared For And Offers The New Owner The Following: 3 Kitchen Appliances, Washer & Dryer, Central Vac System, New Paint On Both Levels, Plumbing In Each Bedroom, A New Kerr Oil Furnace & A Roth Oil Tank (Both Installed In 2020). There Is A Workshop Located Downstairs For The Handyman Or Woman. The Driveway Is Paved & The Landscaping Is Done, The Detached Garage Awaits Your Vehicle. All Measurements To Be Verified By Purchaser If Deemed Necessary. Call Today To Book Your Showing At 2 Macdonald Avenue Today! Sold As Is Where Is. (Id:23934)
CALL1.877.896.6727
Property Price
$349,999
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,500
Mortgage Insurance ($)
$13,300
Mortgage Required ($)
$345,799
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,500
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$22,500
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$22,500
Monthly Payment
$1,358
Welcome To 93 Water Street, This Well Maintained Home Sits On A Wonderful Corner Lot In The Beautiful Town Of Georgetown. Just 15 Minutes From Montague And 45 Minutes From Charlottetown. As You Enter The Home You Are Welcomed Into A Nice Sized Porch That Leads You Into The Kitchen And Dining Room, From There You Enter The Living Room That Has A Water View Of The Brudenell River. Down The Hall Is A Large Primary Bedroom, A Second Bedroom And Newly Renovated Full Bathroom. Downstairs Is A Partially Finished Basement, With A Large Recreation Room, Half Bath With Laundry, And A Room That Once Finished Could Be Used As A Third Bedroom Or Office. The Property Also Has A Shed, As Well As An Amazing Inground Pool That Is Fully Fenced So Lots Of Privacy While Enjoying Your Back Yard And Pool Area. Call Today To Book Your Own Private Showing! All Measurements Are Approximate And Should Be Verified By The Purchaser If Deemed Necessary. No Pcds, Property Being Sold 'As Is Where Is'. Sold As Is Where Is. (Id:23934)
CALL1.877.896.6727
Property Price
$399,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$19,950
Mortgage Insurance ($)
$15,162
Mortgage Required ($)
$394,212
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,990
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$25,440
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$25,440
Monthly Payment
$1,548
3 Bedroom 3 Bathroom Home On Kelly Drive In Miscouche. Large Fenced In Lot, Double Paved Driveway. Inside Totally Open Concept With Kitchen, Living & Dining Room. All Open Design. Large Island. Private Ensuite Off Primary Bedroom. The Basement Area Has A Family Room, Laundry And Half Bath. Impressive Home For A Great Price. Sold As Is Where Is. (Id:23934)
CALL1.877.896.6727
Property Price
$329,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$16,495
Mortgage Insurance ($)
$12,536
Mortgage Required ($)
$325,941
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,299
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$21,294
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$21,294
Monthly Payment
$1,280
This Great Property Features Over / Under Multiple Units, Is Located In The Heart Of Souris And Walking Distance To Many Amenities The Town Has To Offer. The Lower Unit Features A Large Living Room, 1 Bedroom, Full Bath And Kitchen. The Upper Level Features A Living Room, Kitchen, Full Bath, And 2 Bedrooms. A Spectacular Ocean View Is A Bonus For This Property Which Is Most Visible From The Top Unit But Both Units Have The View. Both Units Have Separate Electric Meters, Heat Pumps And Their Own Laundry Areas As Well As Separate Access Points And Fire Escapes Making This A Great Purchase. No Pcds, Property Being Sold 'As Is Where Is'. All Measurements Are Approximate And Should Be Verified By Purchasers If Deemed Necessary. Sold As Is Where Is. (Id:23934)
CALL1.877.896.6727
Property Price
$220,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$11,000
Mortgage Insurance ($)
$8,360
Mortgage Required ($)
$217,360
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$2,200
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$14,700
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$14,700
Monthly Payment
$854
12 Belmont Street Located In The Heart Of Charlottetown Is Within Walking Distance To Holland College And The City's Downtown Core. This Well Maintained And Updated 3 Bedroom 2 Bath Home Is Move In Ready, Furniture Included. The Main Floor Features A Beautiful Porch (Sunroom), Living Room, Dining Room, Spacious Kitchen (Appliances Included) And 3Pc Bath. The Upper Level Features 3 Bedrooms And A Full Bath. The Home Has Beautiful Hardwood Floors And Original Wood Trim. Updates Include New Roof 2018, New Boiler 2009, 13 New Windows, Basement Insulated In 2019, Vilco Oil Tank 2018, Rebuilt Chimney Flu And Steel Liner Nov 2008, New Tub Surround 2019. The Home Has A Single Detached Garage And A Well Manicured Backyard, This Home Has Been Well Maintained And Is Move In Ready. If You Have Been Searching For That Move In Ready Home That Requires Little Work Thn You Need To See This Property, Call To Book Your Viewing Today. Property Disclosure Statement Completed. (Id:23934)
CALL1.877.896.6727
Property Price
$348,800
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$17,440
Mortgage Insurance ($)
$13,254
Mortgage Required ($)
$344,614
Best Mortgage Rate (%)
1.35%
Mortgage Type
5 Years Variable
Amortization
25 Years
Land Transfer Tax (LTT)
$3,488
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$22,428
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$22,428
Monthly Payment
$1,353

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.