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

Excellent Opportunity To Possess A Beautiful Home In Quiet Subdivision In West Royalty, Close To Everything From Schools, Community Center, Shopping To Airport. 2,420 Sft, 3-Level, 4 Beds, 2 1 / 2 Baths, Large Double Garage 24 X 24, Built Solidly And Maintained Meticulously By The First Owner In The First 17 Years. Only Changed Hand End 2018 With Current Owner Just Lived In The House Recent Months And Is Regretfully Putting This Gem Back For Sale Due To Personal Plan. Everything Looked Spotless And Perfect Layout From Entering French Doors, Official Dining Room To The Left And Office / Living Room To The Right In The Front; Spacious Kitchen With Granite Counter Tops And Custom Built Cabinets, Big And Cozy Family Room At The Back With Built-In Shelves. Main Level With Hardwood Floor Throughout; High Efficiency Heating Combined Heat Pump And Propane Fireplace In Family Room Main Level, Not To Mention Central Source Oil Furnace. Three Big Bedrooms On 2Nd Level With En-Suite Bath In Master Bedroom. Another Big Family Room And Extra Spaces In A Bright, Finished Basement Can Be Easily Converted Into Another Dwelling Or Various Usage Just Up To Specific Needs. Simply Put, Pride Of Ownership Awaiting For The New Owner. All Measurements Are Approximate. (Id:23934)
CALL1.877.896.6727
Property Price
$469,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$23,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 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
$2,073
A 3 Bedroom Home In Town. Home Has 3 Bedrooms On The Second Floor. Main Floor Has Kitchen, Pantry, Living Room, Sun Porch, Back Porch And Bathroom. Homes Exterior Is Vinyl. Recent Upgrades Include Electrical, Baseboard Heating, New Panel, Plugs, Switches, Plumbing Upgrade With Pex Piping. New Hot Water Tank, Sinks, Toilet, Water Filter, New Electric Stove, New Woodstove, 7 Cords Wood & Accessories, $2500 Spent. Property Was All Newly Surveyed In 2016, $2500 Cost, Fruit Trees, Vegetable Beds, Ornamentals. Materials For Decking Is On The Property. Sold In "As Is Where Is" Condition. (Id:23934)
CALL1.877.896.6727
Property Price
$75,600
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$3,780
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$756
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$6,036
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$6,036
Monthly Payment
$334
Open House To The Public Saturday, January 25, 2-4 This Semi-Detached Is Located In A Very Desirable Area, Stanley Bridge Which Is Near To All Of The North Shore Beaches, 5 Outstanding Golf Courses, All Of The Attractions And So Much More. This Wonderful Home Will Appeal To Anyone Who Is Looking For Privacy. As Privacy Becomes An Increasingly Treasured Commodity. Lovely Open Concept Home With 3 Sliding Garden Doors Onto A Private Landscaped Backyard, With A Large Deck Perfect For Entertaining With Family, Friends And Colleagues Or To Relax And Enjoy The Sounds Of Nature. Inside You Will Find A Beautiful White Kitchen That Is Equipped With All Of The Modern Conveniences, Stainless Steel Appliances. The Open Concept Has Cathedral Ceilings, Beautiful Natural Lighting And Flows Beautifully Throughout The Entrance, Kitchen, Dining And Living Room. Over 1300 Square Feet Home With 2 Bedrooms And 2 Bathrooms. Master Bedroom Has Walk-In Closet And Ensuite Bath And Is Also Equipped With Double Sinks. The Second Bedroom Is Perfect For A Family Member And Guests Or Can Be Used For A Den Or Office Space. This Beautiful Home Also Features Bath And Laundry Combination, Plus An Attached One Car Garage And Large Storage Room. This Home Comes With A Newly Installed Heat Pump / Air Conditioning, Air Exchanger. Plus It Can Come With A Complete Package Deal: Newly Installed Generator, New Snow Blower, Push Lawn Mower, Trimmer, New Barbeque And 2 Propane Tanks, New Picnic Table, Large Sun / Shade Umbrella With Wheels, Garden Tools, Wheel Barrel, Custom Curtains. This Home Would Be Perfect For An Income Property, Family Home, Retiree, Or A Starter Home. No Monthly Condo Fee. Snow Removal Fee Is $1100. Approx Per Year. (Id:23934)
CALL1.877.896.6727
Property Price
$239,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$11,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,399
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$15,894
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$15,894
Monthly Payment
$1,061
Exceptional Two Story Home, With Attractive Curb Appeal, In The Sought After Macarthur Drive Area Of Sherwood. In This Prime Location, You Are Close To Everything Including Schools, Shopping, The Hospital, Belvedere Golf Course, Downtown Charlottetown And A Park Right Across The Street. The Main Floor Offers 9 Ceilings Throughout And Has A Good Sized Front Entry, With A Den / Office And A Dining Room At The Front Of The Home. At The Rear Is A Gorgeous Kitchen, With White Cabinetry, A Breakfast Counter / Island With Seating And A Pantry, All Open To The Main Floor Family Room, Complete With A Custom Stone Mantle And Propane Fireplace. Also On The Main Floor Is A 3 / 4 Bath And A 4Th Bedroom. The Second Floor Has A Huge Master With Walk-In Closet And A Large En-Suite With A Custom Shower And Soaker Tub. There Are Two More Good Sized Bedrooms And A Second Floor Laundry Room. The Home Is Comfortably Heated With A Combination Of Electric Heating And Heat Pump That Also Provides Summertime Cooling. There Is A Real Sized Two Car Garage And An Expansive Rear Deck And A Full Unfinished Basement For Future Development If Desired. Definitely A Must See Home! Make The Call To Arrange A Viewing Today. Note All Measurements Are Approximate. (Id:23934)
CALL1.877.896.6727
Property Price
$479,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$23,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$4,790
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$30,240
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$30,240
Monthly Payment
$2,118
One Of Pei's Finest Waterfront Homes. You Will Be Impressed With The Pride Of Ownership And Craftsmanship That Has Gone Into This Unique Property. Imagine Waking Up To Looking Out At The Water Or Having Early Morning Coffee On The Large Deck. The Sunsets Here Are Second To None And It Is Ideal For All Types Of Water Sports. Minutes From The City Of Summerside And Listed Well Below Replacement Cost. This Is A Property That Will Only Appreciate In Value. Lets Take A Look, You Will Be Nothing But Impressed. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$5,999
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$42,489
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$42,489
Monthly Payment
$2,629

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.