What is a Charlottetown mortgage calculator?
Charlottetown, the capital city of Prince Edward Island, is a comfortable and affordable place to live. Compared to large cities, housing costs in Charlottetown are way lower. The average house price in Charlottetown was $393,940 in March 2025.
Given an above-the-average before-tax annual household income of $78,000 in this seaside city, residents of Charlottetown are more comfortable getting a mortgage and repaying it than residents of other regions.
If you reside in Charlottetown and need financing for your home-buying needs, you can get a mortgage at the following financial institutions:
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Banks — RBC, BMO, Scotiabank, National Bank of Canada, CIBC, TD Canada Trust, HSBC, Simplii Financial, Tangerine Bank, and Laurentian Bank.
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Credit unions — Consolidated Credit Union, Morell Credit Union, Provincial Credit Union, and Souris Credit Union.
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Mortgage brokerage firms — Breezeful, Mortgage Architects, Mortgage Centre, Dominion Lending Centres, Centum, Nesto, Invis, and Premiere Mortgage Centre.
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Non-bank lenders — BHM Financial Group and True North Mortgage (previously known as intelliMortgage).
You can apply for a fixed-rate or a variable-rate mortgage with either an open or a closed term. Interest rates for a 5-year fixed-rate mortgage range from 5.24% to 5.64% across Prince Edward Island and Charlottetown, in particular, with the average rate being 5.44%.
To get an idea of what your mortgage payments in Charlottetown may look like, you can use a Charlottetown mortgage calculator.
How to use a Charlottetown mortgage calculator?
To estimate your mortgage payment amount with a Charlottetown mortgage calculator, fill out the required fields with the values for your mortgage parameters — the purchase price, down payment amount, mortgage term, interest rate, amortization period, and payment frequency. After that, you will get the estimates for your regular payment amount, the principal and interest payments, and the total payments made over the term.
Say you are buying a house for $370,000 and making a $130,000 down payment. With a 5-year fixed closed mortgage of $240,000 paid over 20 years at a 4.84% interest rate, your monthly payment will be $1,556. The total payments throughout the term of your mortgage will constitute $93,386.
Benefits of a Charlottetown mortgage calculator
Once you have essential parameters of your future mortgage in mind, a Charlottetown mortgage calculator will help you define your mortgage repayment costs. Estimating your regular payment amount will help you plan your household budget accordingly. Playing with the input values will help you compare different mortgage options in terms of repayment costs. Estimates for the principal and interest paid over the term may motivate you to look for accelerated mortgage repayment options.
