Newfoundland Mortgage Calculator
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.
Newfoundland mortgage calculator
There are many regulations, taxes, and fees to take into account when calculating your mortgage size and payment. Some of these are regulations followed across Canada, while others are specific to the province you are purchasing your mortgage in.
Regulations, taxes and fees consistent across Canada
Mortgage regulations are set by the federal government to protect mortgage buyers and lenders, and include rules on minimum down payment, maximum amortization periods, and mortgage default insurance. Specific rules included in the Newfoundland mortgage calculator are listed below as follows:
- The minimum down payment in Canada is 5% for homes under $1,000,000 or 20% for homes of greater value.
- The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments.
- 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 Newfoundland
Most taxes and fees are set at the provincial or even 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.
Land transfer tax (LTT) in Newfoundland
Under the Newfoundland Registration of Deeds Act, the land transfer tax is 0.4% of the mortgage amount plus a flat $100 fee. For more information, see Ratehub.ca’s Newfoundland land transfer tax page .