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Nova Scotia Mortgage Calculator


Our mortgage calculator contains Nova Scotia current mortgage rates, so you can determine your monthly payments. Our calculator also includes mortgage default insurance (CMHC insurance), land transfer tax and property taxes.

Asking Price

Go
 STEP 1
Enter the price of the home you're interested in and press GO.
Down payment        Down payment The amount of money you pay up front to obtain a mortgage. The minimum down payment in Canada is 5%. For down payments of less than 20%, home buyers are required to purchase mortgage default insurance, commonly referred to as CMHC insurance.
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Mortgage insurance        Mortgage insurance Mortgage default insurance, commonly referred to as CMHC insurance, protects the lender in the case the borrower defaults on the mortgage. Mortgage default insurance is required on all mortgages with down payments of less than 20%, which are known as high ratio mortgages. Mortgage default insurance is calculated as a percentage applied to your mortgage amount. plus
Total Mortgage Required equals $- $- $- $-
Amortization period        Amortization period The length of time it will take a homeowner to pay off his/her mortgage. In Canada, the maximum amortization period is 25 years. Longer amortization periods allow homeowners to make smaller monthly payments, but equate to more interest paid over the life of the mortgage.  
 
STEP 2
Choose an amortization period.
Mortgage rate        Mortgage rate The rate of interest you will pay on the outstanding balance of your mortgage. This is determined by the mortgage type and mortgage provider. To see how rates vary by type and provider, click on "Select Rate" link on the right.  
 
 STEP 3
Choose a mortgage rate to calculate the corresponding payment.
Mortgage type        Mortgage type The mortgage type includes the term of the mortgage, between 1-10 years, and the rate type, variable or fixed. The mortgage term is the length of time you commit to the terms, conditions and mortgage rate with a specific lender. The mortgage rate type can be fixed for the duration of the term or variable, fluctuating with the prime rate. Fixed rates are most popular in Canada and represent 66% of all mortgages, according to the Canadian Association of Accredited Mortgage Professionals (CAAMP).          

Total Mortgage Payment

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       Mortgage payment The monthly mortgage payment is calculated based on the inputs you provided: the mortgage amount, rate type (fixed or variable), term, amortization period, and payment frequency. A general affordability rule, as outlined by the Canada Mortgage and Housing Corporation, is that your monthly housing costs should not exceed 32% of your gross household monthly income.  
Land Transfer Tax: $-
 
STEP 4
If necessary, update your profile to calculate land transfer tax.
Profile
Provincial:        Provincial Land transfer tax (LTT), typically calculated as a percentage of the purchase price of a home, is required when purchasing a home in Canada. All provinces have a LTT, and the amount varies in each province. plus
 
Municipal:        Municipal Some municipalities, like Toronto, levy an additional LTT, which is similarly calculated as a percentage of the purchase price of a home. plus
 
Rebate:        Rebate If you are a first-time home buyer in British Columbia or Ontario, you will be eligible for LTT rebates, equal to the value of the LTT up to a maximum amount set by the province. minus
 
Explore the drop-downs to better understand your mortgage choice.

Cash Needed
How much extra cash will I need when my house closes?

When you purchase a house, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.

Our tool will help you calculate these costs, so you know how much you'll need to save.

Required Cash Expenditures

  • Down payment $-
  • PST on mortgage insurance $-
  • Land Transfer Tax $-
  • Lawyer fees $-
  • Title insurance $-
  • Estoppel certificate fee $-
  • Total Cash Required $-

Other Cash Considerations

  • Home inspection fees $300 - $500
  • Appraisal fees $300

Monthly Expenses
Can I afford my monthly expenses & mortgage payments?

Expenses

  • Mortgage payment $-
  • Property Tax $-
  • Monthly debt payments
  • Utilities
  • Condo Fees
  • Property insurance
  • Phone
  • Cable
  • Internet
  • Total $-

Interest Rate Risk
What would my payment be at higher interest rates?

When determining the size of home you can afford, it's important to look at the long term horizon. The mortgage rate you pay today could be substantially different from the mortgage rates available when the time comes to renew your mortgage.

The calculation below shows how much of your mortgage principal will be left at the end of the term.

Mortgage Amount

  • Mortgage amount today $-
  • Less: Principal paid off over term $-
  • Mortgage remaining at end of term: $-

Using this amount, below we calculate the corresponding mortgage payments at a variety of interest rates:

Interest Rate Payment
Selected Scenario
Selected Rate $-
Average 5-year Fixed Rates (2000 - 2010) 3.89% $-
Average 5-year Fixed Rates (1990 - 2000) 7.23% $-
Average 5-year Fixed Rates (1980 - 1990) 11.92% $-

Below is a graph that displays the approximate values of competitive 5-year fixed mortgage rates since 2006.

5-year Fixed Mortgage Rates

Amortization Schedule
What do my payments look like over time?

Year Total Paid Principal Paid Interest Paid Balance

Select Rate

Provider Rate Select
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Custom rate Select

Nova Scotia mortgage calculator

The RateHub Nova Scotia mortgage calculator takes many different regulations, taxes and fees into account when calculating your mortgage payment details. While many of these taxes and fees apply to all mortgages in Canada, some are specific to certain provinces and territories.

Regulations, taxes and fees consistent across Canada

Mortgage guidelines in Canada include limits on minimum down payment, maximum amortization periods, and rules for mandatory mortgage default insurance or CMHC insurance for certain mortgages. These rules are set by the federal government to protect lenders and mortgage owners. The Nova Scotia mortgage calculator automatically includes consideration for the for the following regulations:

  • 5% minimum down payment in Canada for homes less than $1,000,000 or 20% minimum down payment otherwise.
  • A maximum amortization period of 25 years for homes with less than 20% down payment or 35 years otherwise.
  • Mandatory mortgage default insurance or CMHC insurance on homes with less than 20% down payment. For more details on CMHC insurance, see RateHub’s CMHC insurance page.

Regulations, taxes and fees specific to Nova Scotia

Different provinces and municipalities often have very different taxes and fees. Home buyers in Nova Scotia should be aware of different mortgage rates in Nova Scotia than in the rest of the country and Nova Scotia’s land transfer tax rates.

Mortgage rates in Nova Scotia

Lenders and mortgage brokers often charge different mortgage rates in different provinces. Here at RateHub, we have a database of the best mortgage rates in Nova Scotia, which can also be accessed through the Nova Scotia mortgage calculator.

Land transfer tax (LTT) in Nova Scotia

In Nova Scotia, the land transfer tax is calculated as a percentage of your home’s purchase price. This percentage differs in different municipalities, and is 1.5% for homes in the Halifax area. For more information and tax rate tables, see our Nova Scotia land transfer tax page.