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NWT 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. 

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Northwest Territories mortgage guide

Mortgage calculator – Northwest Territories

There are many different regulations and taxes to take into account when calculating your monthly mortgage payment and mortgage amounts. Many provinces and territories have their own unique mortgage guidelines and fees in addition to the rules laid out by the federal government.

Canadian regulations, taxes, and fees

Mortgage lending rules in Canada include rules on minimum down payment, maximum amortization period, and mortgage default insurance or CMHC insurance. Mortgage rules are set by the federal government to protect home buyers, lenders, and the economy. These regulations are included in the Northwest Territories Mortgage Calculator above, and include:

  • 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.

 

Northwest Territories – regulations, taxes, and fees

Different provinces and territories often have their own set of fees and taxes. Home buyers in the Northwest Territories should be aware of different mortgage rates from elsewhere in the country as well as NWT’s land transfer tax.


Northwest Territories – mortgage rates

Mortgage brokers and lenders can charge different mortgage rates in different provinces and territories. Homebuyers in the Northwest Territories should be aware of mortgage rates specific to their area, which can be found on Ratehub.ca’s Northwest Territory Mortgage Calculator. Mortgage rates for the NWT can also be found on Ratehub.ca’s list of the best mortgage rates in the Northwest Territories.


Northwest Territories – land transfer taxes

In the Northwest Territories, the land transfer tax is calculated as a sum of two parts: a percentage of the property value, and a percentage of the mortgage. The percentage of the property value varies from 0.1% to 0.15%, with a minimum charge of $100. The percentage of the mortgage is 0.02%, with a minimum charge of $80. For more information, visit Ratehub.ca’s Northwest Territories land transfer taxes page.

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