PEI 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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Jamie David, Sr. Director of Marketing and Mortgages
Prince Edward Island mortgage calculator
The Ratehub.ca Prince Edward Island mortgage calculator takes many different regulations and taxes into account when calculating your mortgage payment and financing details. While many of these regulations apply to all mortgages in Canada, taxes and fees are specific to certain provinces and territories.
Regulations, taxes and fees consistent across Canada
Mortgage guidelines in Canada include limits on minimum down payments, maximum amortization periods, and 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 Prince Edward Island mortgage calculator automatically includes consideration for the following regulations:
- The minimum down payment in Canada is 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.
- 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 Prince Edward Island
Home buyers in Prince Edward Island should be aware of land transfer taxes and mortgage rates specific to their province. There is also a land transfer tax rebate available in PEI for first time home buyers.
Mortgage rates in Prince Edward Island
Lenders and mortgage brokers often charge different rates in different parts of the country, and Prince Edward Island is no exception. Luckily, Ratehub.ca has a database of the lowest mortgage rates in PEI , which can also be accessed through the PEI mortgage calculator above.
Land transfer tax (LTT) in Prince Edward Island
Prince Edward Island’s Real Property Transfer Tax is 1% of the home’s purchase price or property value, if the home is greater than $30,000. Otherwise, no provincial land transfer tax is paid. There is also a tax rebate available for first-time home buyers in PEI that completely refunds the land transfer tax if the home’s value is below $200,000 For more information, see our PEI land transfer tax page.
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