Mortgage Calculator Newfoundland

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 Newfoundland 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 Newfoundland 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. 

How to calculate mortgage payments in Newfoundland

In order to estimate your Newfoundland 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 Newfoundland Mortgage Calculator do the work for you. 


Are rates different in St John’s and other cities?

Mortgage rates in Newfoundland 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 St John’s, rates may lower. 


Newfoundland & 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 Newfoundland, 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: The minimum down payment is 5% of the purchase price for a home valued at $500,000 or less and 10% for the portion of the purchase price above $500,000 (See: How Much Do You Need for a Down Payment in Canada)
  • The maximum amortization period: The maximum amortization is 25 years for down payments under 20% and 35 years for higher down payments (See: What is an Amortization Period?)
  • Mortgage default insurance: Often referred to as ‘CMHC insurance’, mortgage insurance must be purchased any time a down payment amount is below 20% of the purchase price (See: Mortgage Default Insurance)