Nova Scotia Mortgage Calculator
Content last updated: March 11, 2020
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. Advertising Disclosure
Nova Scotia mortgage calculator
The Ratehub.ca 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:
- 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 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.ca, 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 .