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

West Royalty Beauty! It Starts At The Curb Appeal And Goes From There. Sit On The Front Veranda And Relax Or Sit On The Back Deck And Look At The Huge Free Space Behind You. The Home Has An Open Concept Kitchen, Full Dining Room, Awesome Living Room. Then There Are Three Full Bedrooms, Two Baths, Hardwood And Ceramic Throughout. The Lower Level With The Piano Windows Make The Area So Bright. The Lower Level Is Also Plumbed For A Bathroom And Ready For You To Make It Your Own Space. (Id:23934)
CALL1.877.896.6727
Property Price
$299,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,995
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$2,999
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$19,494
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$19,494
Monthly Payment
$1,326
Why Rent When You Could Own A Year Round Home For 89K?! This 2 Bedroom 2 Bathroom Home Is Situated On A Quiet Street In Murray Harbour, Just A 5 Minute Walk To The Wharf, And A 2 Minute Walk To The Local General Store, Restaurants, Library, And Post Office. The House Has A New Fibre Glass Oil Tank, A New Well Pump, And A Steel Roof. The House Sits On A Mature Lot, With Beautiful Trees, And Has A Decent Size Out-Building For Extra Storage Or For A Workshop. The Lot Next Door Is Available For Sale To The Purchasers Of The House But Is Not Included In The List Price For 52 Library Street. Call To Arrange Your Viewing. All Measurements Are Approximate And Should Be Verified By Purchaser. (Id:23934)
CALL1.877.896.6727
Property Price
$89,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$4,450
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$890
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$6,840
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$6,840
Monthly Payment
$393
Centrally Located East Royalty Home, Open Concept Kitchen / Dining / Living Area. Main Floor Laundry And Heat Pump. 4 Bedrooms And 2.5 Baths As Well As A Detached 12 X 16 Garage. The Lower Level Is Finished With Bright Daylight Windows. Plenty Of Space For Your Family, And There Is A Great New Deck. Quiet Neighborhood, Great Schools And Only Minutes To Shopping And Amenities. Call Today! (Id:23934)
CALL1.877.896.6727
Property Price
$299,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$14,950
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 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
$1,322
Extensively Updated Home In The Heart Of Kensington. Main Level: Studio, Half Bath / Laundry, Kitchen, Dining And Living Rooms. Upper Level: Three Bedrooms And A Full Bath. Corner Lot With Outbuilding And Circular Driveway Access From Two Streets (Id:23934)
CALL1.877.896.6727
Property Price
$135,000
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$6,750
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$1,350
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$9,600
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$9,600
Monthly Payment
$597
This 100+ Year Old Home Needs A Little Tlc But Could Make A Wonderful Summer Home. Situated On A Very Private .78 Acre Lot In The Middle Of The Town Of Alberton. Very Spacious Main Living Area With 4 Good Size Bedrooms On The Second Level. Furnace Is Approximately 15 Years Old And Roof Was Re-Shingled Within Last 10 Years. Municipal Services For Sewage And Drilled Well For Your Domestic Water. The Home Comes All Inclusive And It Is Sold "As Is Where Is." Handy Man Special And Just Waiting For The Right Person. (Id:23934)
CALL1.877.896.6727
Property Price
$54,900
Minimum Down Payment (%)
5.00%
Minimum Down Payment ($)
$2,745
Best Mortgage Rate (%)
2.49%
Mortgage Type
5 Years Fixed
Amortization
25 Years
Land Transfer Tax (LTT)
$549
Mortgage Insurance PST
$0
Lawyer Fee
$1,000
Title Insurance
$500
Total Cash Needed
$4,794
First Time Home Buyer
Land Transfer Tax Credit
$0
Cash Needed
$4,794
Monthly Payment
$243

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.