Newfoundland Mortgage Calculator

Location Please ensure your location is correct in order to find the best rates available in your area.

Our mortgage calculator contains Newfoundland 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. Advertising Disclosure

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 for insurable mortgages 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:

Purchase 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

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Provider Rate Select
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Newfoundland mortgage calculator

Content last updated: June 11, 2020

A mortgage calculator is one of the most useful tools you can have when you're looking for a mortgage. However, mortgages regulations and fees vary across Canada, so if you're looking for a mortgage in Newfoundland, you really need a mortgage calculator that is specifically geared for the Newfoundland market.

Being such a geographically small province, the Newfoundland mortgage rules are particularly unique. The good news is that the calculator above automatically takes all of these into account! That said, it's important to have a good understanding of the rules and fees that are specific to Newfoundland, compared to the federal regulations. We've spelled these out for you below.

Canada-wide mortgage regulations

There are a series of mortgage regulations set at the federal level to protect both borrowers and lenders. These include rules on minimum down payments, maximum amortization periods (the total life of the mortgages), and mortgage default insurance. These rules are automatically included in the Newfoundland mortgage calculator:

  • For Canadian homes under $1,000,000, the minimum down payment is 5% of the first $500,000, then 10% of the remaining property price. For homes valued over $1,000,000, the minimum down payment is a flat 20%.
  • The maximum amortization in Canada is 25 years for mortgages with down payments of less than 20%. For other mortgages, the maximum amortization period is 35 years.
  • Mortgage default insurance, also known as CMHC insurance, must be purchased for mortgages with down payments of less than 20%. This insurance covers lenders in the case a borrower defaults, though the premiums are paid by the borrower. Visit Ratehub.ca’s CMHC insurance page for more details.

Newfoundland mortgage regulations

The majority of mortgage and property-specific taxes and fees are set at the provincial or municipal level. In Newfoundland, purchasers are responsible for paying Newfoundland’s provincial land transfer tax and must select from mortgage rates in Newfoundland.

Mortgage rates in Newfoundland

Mortgage brokers and banks can charge different mortgage rates in different provinces. Ratehub.ca has a comprehensive database of the best mortgage rates in Newfoundland , which are also listed in the Newfoundland payment calculator above.

Despite the fact that mortgages rates can vary between provinces, they tend to be reasonably common betweet regions. More competition between lenders can drive rates down, however. This doesn't really benefit Newfoundland, unfortunately. Being such a small province, there are fewer mortgage lenders and brokers that operate in the province. With less competition than the bigger provinces, rates may be slightly higher.

Land transfer tax (LTT) in Newfoundland

Under the Newfoundland Registration of Deeds Act, all property transfers are subject to a land transfer tax, which is based on the purchase price. The tax is a $100 flat fee for the first $500 of the purchase price, plus 0.40% of any amount above $500, levied on each $100 or part thereof.For more information, see Ratehub.ca’s Newfoundland land transfer tax page .