New Brunswick Mortgage Payment Calculator
Get a sense for your mortgage payments, the cash you'll need to close and the monthly carrying costs with Ratehub.ca’s mortgage payment calculator. We've refreshed our calculator design, but you can still access the previous version here.
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New Brunswick mortgage guide
Jamie David, Sr. Director of Marketing and Mortgages
New Brunswick mortgage calculator
Ratehub.ca’s New Brunswick mortgage calculator takes regulations and taxes into account when calculating your mortgage payment details. While many taxes and fees are consistent across Canada, some are specific to New Brunswick.
Regulations, taxes and fees consistent across Canada
The Ministry of Finance sets rules to protect mortgage lenders and buyers, which include a minimum down payment amount, a maximum amortization period, and mortgage default insurance rules. The New Brunswick mortgage calculator automatically includes the following regulations:
- A 5% for homes under $500,000; 5% of the first $500,000 + 10% of any amount over $500,000 for homes priced between $500,000 - $999,999; and 20% for homes valued at $1,000,000 or more.
- A maximum amortization period of 25 years for homes with less than 20% down payment or 35 years otherwise.
- Mortgage default insurance or CMHC insurance must be purchased for down payments between 5% and less than 20%. Visit Ratehub.ca’s CMHC insurance page for more details.
Regulations, taxes and fees specific to New Brunswick
Different provinces and municipalities have very different taxes and fees; homebuyers in New Brunswick should be aware of land transfer taxes and mortgage rates may differ from the rest of the country.
Mortgage rates in New Brunswick
Lenders and mortgage brokers often charge different rates in different parts of the country, and New Brunswick is no exception. Luckily, Ratehub.ca has a database of the lowest mortgage rates in NB , which can also be accessed through the New Brunswick mortgage calculator above.
Land transfer tax (LTT) in New Brunswick
Under the New Brunswick Real Property Transfer Tax Act, the land transfer tax is currently 1.00% of the property's purchase price or 1.00% of the assessed value of the purchased home, whichever is greater. For more details and information, see our New Brunswick land transfer tax page.
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