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

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, 9 Cords Wood & Accessories, $3500 Spent. Property Was All Newly Surveyed In 2016, $2500 Cost, Fruit Trees, Vegetable Beds, Ornamentals, $2500 Spent. Materials For Decking Is On The Property. Sold In "As Is Where Is" Condition. (Id:23934)
CALL1.877.896.6727
Property Price
$73,500
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$3,675
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$735
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$5,910
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$5,910
Monthly Payment
$307
New Three Bedroom, 2.5 Bath, Two Storey Semi Detached Home With Attached Garage Situated In The Community Of East Royalty. This Home Comes Fully Equipped With All Appliances Which Include The Fridge, Stove, Dishwasher, Otr Microwave, Washer And Dryer. The Home Was Built By A Very Experienced Carpenter With A Long Standing Relationship With Many Customers Across Pei. He Has Been An Atlantic Home Warranty Member Since 1977. This Home Comes With A Seven Year Atlantic Home Warranty. The Home Features A Very Spacious Open Concept Main Floor, Second Floor Laundry Room, Ensuite Bath, And So Much More. Call Today For Complete Details On This Great Property. (Id:23934)
CALL1.877.896.6727
Property Price
$299,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,950
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,990
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$19,440
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$19,440
Monthly Payment
$1,250
(Video) 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, 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 Take In A Play At The Theatre. The Central North Shore Location Of North Rustico Offers You The Convenience To Visit The 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. When You Drive By, You Will Be Delighted With The Charm Of Your New Home And Its Vibrant Ocean Blue Colour. Your New One-Level Home With Lower-Level Walk-Out Offers A Unique Semi-Open Concept Design With A Large Kitchen Surrounded By Large Windows With Beautiful Water, Ocean, And Harbour Views. Some Of The Features Include A Heated Floor, High Ceilings, Newer Roof, Crown Moulding, Large Surround Deck, Two-Way Propane Fireplace, And A Large Water And Boardwalk Facing Yard. Your New Home Built For Fun, Family, And Entertainment With The Potential To Be An Exceptional High-End Seasonal Rental Or Airbnb. Our Property Managers Will Handle Everything From Maintenance, Marketing, Bookings, And Bookkeeping. Wow! 24 Hour A Day Open House® On Video! Click On The Multimedia Link To View The Youtube Video, Potentially Many More Photos, And Aerial Video / Photographs. Be Sure To Subscribe And Click On The Bell! Due To The Complexities Of Some Floor Plans, Purchasers Are Requested To Verify All Measurements, Age, And Features Prior To Making An Offer. (Id:23934)
CALL1.877.896.6727
Property Price
$599,900
Minimum Down Payment (%)
5.83%
Minimum Down Payment ($)
$34,990
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 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
$2,485
Four Bedroom Home With Attached One Car Garage And Features A Paved Driveway. Main Living Area Has A Large Living Room, Dining Area, Spacious Kitchen With Island, Built In Appliances And Dishwasher. Upstairs Has 4 Bedrooms One With An Area Ready To Be Made Into A Ensuite. Downstairs Lower Level Has Ample Room For Additional Living Space, Rooms Are All Studded And Insulated Yet To Be Gyprocked. This Would Make A Wonderful Home For A Growing Family In The Town Of Oleary. Home Has Municipal Septic And Own Well. Taxes Are $1989.00 Per Year. Close To All Amenities. (Id:23934)
CALL1.877.896.6727
Property Price
$137,500
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,875
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$1,375
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$9,750
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$9,750
Monthly Payment
$575
3 Bedroom, 2 Bathroom Bungalow Located In Sherwood. Main Floor Features: A Large Living Room 19.4X12.2, Eat-In Kitchen, Master Bedroom With Ensuite, 2 More Bedrooms. Lower Level Is Unfinished, Roughed In Plumbing For Future Bathroom, In Floor Heat, Lots Of Potential. (Id:23934)
CALL1.877.896.6727
Property Price
$249,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$12,450
Best Mortgage Rate (%)
1.99%
Mortgage Type
3 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,490
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$16,440
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$16,440
Monthly Payment
$1,041

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.