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Mortgage Calculator Nova Scotia

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Newfoundland mortgage payment calculator

There are many valuable resources available to home buyers that can help you make more informed decisions throughout the entire home buying process. One of the most useful tools you’ll find is nesto’s Nova Scotia Mortgage Calculator. This enables you to calculate your estimated monthly mortgage payment alongside the corresponding amortization schedule. 

Calculating mortgage payments is no longer a difficult task thanks to nesto. This is vital information to keep in mind before you even start home shopping so that you understand what you can comfortably afford.

Our Nova Scotia Mortgage Calculator allows you to easily input information such as the home’s purchase price, your anticipated down payment, the interest rate and amortization period as well as payment frequency. You can also play around with the variables to see how specific changes will impact your monthly mortgage payment amount.

Nova Scotia mortgage payment calculator

How to calculate mortgage payments in Nova Scotia

In order to estimate your Nova Scotia mortgage payment, you simply need to gather some key information. This includes the amount of the mortgage (the purchase price of the house, minus your down payment, plus mortgage insurance if applicable), the interest rate you anticipate paying or have already been offered, and the amortization period (the number of years the payments will be spread across broken down into months). Although there’s a mathematical equation for determining your mortgage payments manually, it’s much easier to let nesto’s Nova Scotia Mortgage Calculator do the work for you.

Are rates different in Halifax and other cities?

Mortgage rates in Nova Scotia vary by lender, so rates may be higher in more rural areas where fewer lenders are willing to lend. But, in major cities such as Halifax, rates may be lower.

Nova Scotia & Canada regulations, taxes and fees

Mortgage regulations are set by the federal Ministry of Finance and help protect both home buyers and lenders. These regulations include guidelines on minimum down payments, maximum amortization periods and when mortgage default insurance is required.

Most taxes and fees are set at the provincial level. In Nova Scotia, in addition to the property purchase price, buyers must also pay the provincial sales tax (PST) for mortgage insurance as well as land transfer taxes (LTT). (See: Land Transfer Tax Calculator)

Canadian Ministry of Finance Mortgage Guidelines

The minimum down payment in Canada

For properties under $500,000 the minimum down payment is 5%. For properties over $500,000, the minimum downpayment is 5% of the first $500,000 and 10% of the amount exceeding $500,000. Anything over $1 million requires at least 20% down payment. Rental properties that will not be owner occupied also require at least 20% down payment.

The maximum amortization period

25 years for purchases with less than 20% down payment. With more than 20% down payment up to 40 years may be possible, however anything over the standard 30 years comes with substantially higher rates and fees.

Mortgage default insurance

Required for purchases with less than 20% down payment, to insure the lender in case of default. The borrower pays the premium of up to 4% which gets added to the mortgage amount.

How nesto works

We offer all the help of a mortgage broker, without the commission. Simply put, our salaried mortgage advisors are rewarded based on your satisfaction. We’re here to help you reach your goal and guide you through the complicated world of home financing. #yesyoucan #empowermentisthenewsexy

Every mortgage professional knows the market’s best rates every time they check their email. Only a few of them will give you that rate without making you work for it. nesto’s here to change the industry for this very reason. You always get the best rate upfront with nesto.