Mortgage calculator in Northwest Territories of March 2025

What is the Northwest Territories mortgage calculator?

How much will you have to pay for your mortgage monthly, semi-monthly, bi-weekly, or weekly? With a Northwest Territories mortgage calculator, you can make the necessary estimations easily.

A Northwest Territories mortgage calculator is a tool that will help you see beforehand how much mortgage you can afford. In addition, you can compare several repayment scenarios by adjusting the values you use as input. Seeing how different mortgage solutions compare in terms of your regular payment will help you choose the optimal solution for your budget.

Northwest Territories mortgage rates on a 5-year fixed-rate mortgage range from 4.75% to 6.59%. The average rate is about 5.24%.

How to use the Northwest Territories mortgage calculator on Finanso?

The Finanso Northwest Territories mortgage calculator is easy to use. Just fill out the required fields with the key parameters of your mortgage — the home price, down payment, loan term, interest rate, amortization period, payment frequency, and additional details, if necessary. Then, hit the "Calculate" button and get the results.

Option 1. Calculation based on the property price in Northwest Territories

To perform this operation, you will need our simple mortgage calculator that takes into account the loan amount, the term, and the repayment method. You may also be asked to specify the mortgage type or the interest rate if there are several mortgage options and only one calculating tool available on the page. Details necessary for the calculation:

• The cost of the property. This field suggests you enter the property price you plan to purchase. Remember that you will be required to make a down payment of at least 5% of the property's price.

• The down payment. It is the initial up-front partial payment you have to make at the time of finalizing the transaction. If your down payment is less than 20%, you will be required to purchase mortgage default insurance.

• The loan term. The mortgage term is the time your mortgage contract is in effect, while amortization is the time it will take you to pay your mortgage in full. The maximum amortization period in the Northwest Territories for insured residential mortgages is 35 years.

• The mortgage interest rate. Our calculator takes into account the region's peculiarities. By default, the calculator has the average interest rate for the region where you calculate. In addition, minimum and maximum values for the country are embedded. You will see a notification if you input a value that does not correspond to the country.

• Payment type. The calculator features the possibility to specify the mortgage type: annuity or linear. Annuity payments are certainly convenient for both the borrower and the lender. Still, the client will expect a more significant overpayment due to a slower principal repayment.

To get an idea of an approximate mortgage payment in the Northwest Territories, enter the values for the essential parameters of your mortgage into the designated fields in the Finanso Northwest Territories mortgage payment calculator.

For example, you want to buy a property for $900,000. If you make a down payment of $220,000, your mortgage loan amount will be $680.00. With a 4.92% mortgage rate and a 30-year amortization period, your monthly mortgage payment will be $3,597. Throughout the term, you will pay $215,801 in total, including $56,722 toward the principal and $159,079 toward the interest.

Option 2. Calculation based on the loan amount in Northwest Territories

Mortgage calculators suitable for such operations feature the early repayment calculation option. The difference between this tool and the simple one is that it is possible to evaluate the mortgage details at once and see the change in the debt amount if early repayment occurs, which may be convenient when you intend to reduce the overpayment. Details necessary for the calculation:

• The loan amount. This is the money you receive from the lender to purchase real estate (without taking into account the down payment). You might consider reviewing the maximum mortgage amounts the Northwest Territories lenders grant at this point.

• The loan term. The mortgage term is the time your mortgage contract is in effect, while amortization is the time it will take you to pay your mortgage in full. The maximum amortization period in the Northwest Territories for residential mortgages is 35 years.

• The interest rate. Our calculator considers the region's peculiarities. By default, the calculator has the average interest rate for the area where you calculate. In addition, minimum and maximum values for the country are embedded. You will see a corresponding notification if you input a value that does not correspond to the country.

• Early repayment. This field allows you to choose the type of early repayment (partial or full). Select the repayment date and the amount you are going to pay.

Option 3. Calculation based on the total cost of purchasing a property in the Northwest Territories

A mortgage calculator taking into account more details is necessary to calculate the total cost of acquiring a property. This calculator differs from the previous tools in that it considers the tax burden, such as land transfer tax, default insurance, and additional expenses, for example, an origination or a brokerage fee. In addition, it allows for more accurate calculations. Details necessary for the calculation:

• The cost of the property. In this field, enter the cost of the property you are planning to purchase. Remember that you will be required to make a down payment of at least 5% of the property's price;

• The down payment. It is the initial up-front partial payment you have to make when at the time of finalizing the transaction;

• The loan term. The mortgage term is the time your mortgage contract is in effect, while amortization is the time it will take you to pay your mortgage in full. The maximum amortization period in the Northwest Territories for residential mortgages is 35 years;

• The interest rate. Our calculator takes into account the region's peculiarities. By default, the calculator has the average interest rate for the region where you calculate. In addition, minimum and maximum values for the country are embedded. You will see a corresponding notification if you input a value that does not correspond to the country.

• Additional data.

Mortgage loan term in the Northwest Territories

The mortgage loan term in the Northwest Territories is typically 25 years. However, depending on the lender and the borrower's agreement, it can vary and be shorter or longer.

The amortization period cannot exceed 35 years.

What is the minimum mortgage amount in the Northwest Territories?

The minimum mortgage amount in the Northwest Territories, Canada, may vary among lenders and can be based on several factors, such as the borrower's creditworthiness, income, and property value. Generally, most lenders have a minimum mortgage amount of $50,000. However, it is best to check with specific lenders for their specific requirements.

What is the maximum mortgage amount in the Northwest Territories?

The maximum mortgage amount in the Northwest Territories is determined by the lender. It depends on various factors, such as the borrower's income, credit history, and the value of the property being used as collateral. Some lenders may have a maximum limit of $1 million or more, while others may have a lower limit. It is best to check with specific lenders for their specific requirements and maximum mortgage limits.

In Canada, the maximum mortgage amount that can be insured by the Canada Mortgage and Housing Corporation (CMHC) is $1,000,000.

How much do I need for a down payment on a mortgage loan in the Northwest Territories?

A down payment on a Northwest Territories mortgage is a portion of the total home purchase price paid upfront in cash at closing. The remaining balance is then paid over time through monthly mortgage payments. The down payment size can vary and range from 5% to 20% of the total home purchase price, although some lenders may require a higher or lower down payment. The amount of the down payment can impact the size of the monthly mortgage payments and the interest rate that is charged on the loan.

Who can take out a mortgage in the Northwest Territories?

In the Northwest Territories, any legal adult with a stable income and good credit history may be eligible to take out a mortgage loan. Eligibility for a mortgage loan depends on various factors, including the borrower's credit score, income, employment history, and debt-to-income ratio. The lender will also consider the value of the property being used as collateral and may require that the property meet certain standards, such as being a primary residence or meeting minimum safety and health requirements. To apply for a mortgage, borrowers typically need to provide documentation, such as proof of income, employment history, and credit score and may need to undergo a credit check and appraisal of the property.

Types of mortgages in the Northwest Territories

In the Northwest Territories, Canada, there are several types of mortgages available, including:

1. Fixed-rate mortgage: The interest rate remains the same throughout the term of the loan.

2. Adjustable-rate mortgage (ARM): The interest rate can change during the term of the loan, typically based on a specified index.

3. A closed mortgage in the Northwest Territories, Canada is a type of mortgage in which the borrower is not allowed to pay off the loan or make any extra payments towards the principal without incurring penalties.

4. Northwest Territories Open Mortgage refers to a type of mortgage that allows the borrower to make prepayments, extra payments, or lump-sum payments without penalty. It gives the borrower more flexibility in managing their mortgage and paying off the debt sooner.

5. Conventional mortgage: A traditional mortgage that is not insured by the government.

6. High-ratio mortgage: A mortgage in which the loan-to-value ratio exceeds 80%.

7. First-time homebuyer mortgage: A mortgage specifically designed for first-time homebuyers with lower down payment requirements and more relaxed credit standards.

8. Refinancing mortgage: A mortgage used to pay off an existing mortgage, either to lower monthly payments, shorten the term of the loan, or both.

It is important to research and compare different mortgage options to determine which one best suits your financial needs and goals. It is also recommended to consult with a mortgage professional or financial advisor to help you make an informed decision.

Where to get a mortgage in the Northwest Territories?

There are several options to get a mortgage in the Northwest Territories, Canada:

1. Banks: Major national and regional banks like Equitable Bank, Laurentian Bank, CIBC, BMO, National Bank of Canada, Tangerine Bank, RBC, Manulife, Scotiabank, HSBC, and B2B Bank offer mortgage products in the NWT.

2. Credit Unions: Local credit unions like Northern Savings Credit Union and Yellowknife Credit Union provide mortgage services.

3. Mortgage Brokers: Independent brokers like Mortgage Alliance, Mortgage Centre, Mortgage Intelligence, Dominion Lending Centre, and Centum can help you compare different mortgage options and find the best one for you.

4. Online Lenders: Online lenders like Better Mortgage, Zillow, and Rocket Mortgage offer mortgage options in the NWT.

It is recommended to compare rates, terms, and fees from multiple lenders before making a final decision.