What is the Nova Scotia mortgage calculator?

A Nova Scotia mortgage calculator is a user-friendly tool to estimate your mortgage repayment costs and choose the optimal loan conditions. Adjusting the values you've entered as input will show how these changes influence your regular payment amount. This way, you can decide which repayment period works best for you and what is the maximum rate you can afford.

How to use the Nova Scotia mortgage calculator on Finanso?

The Finanso Nova Scotia 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 Nova Scotia

To perform this operation, you will need our simple mortgage calculator that considers 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. You must purchase mortgage default insurance if your down payment is less than 20%.
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 Nova Scotia 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 undoubtedly 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 monthly mortgage payment in Nova Scotia, enter the values for the essential parameters of your mortgage into the designated fields in the Finanso Nova Scotia mortgage payment calculator.

Say you want to buy a house that costs $375,000 and make a $140,000 down payment; the mortgage amount is $235,000, the interest rate is 5.18%, the term is five years, and the amortization period is 15 years. Once you enter these values in a Nova Scotia mortgage calculator, you will get the $1,874 monthly payment. Therefore, the total payments over the term will constitute $112,422, including the $59,358 principal and $53,064 interest payments.

Option 2. Calculation based on the loan amount in Nova Scotia

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 considering the down payment). You might consider reviewing the maximum mortgage amounts Nova Scotia 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 periods in Nova Scotia or residential mortgages cannot exceed 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 Nova Scotia

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 Nova Scotia 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 Nova Scotia

The typical mortgage loan term in Nova Scotia is 25 to 30 years. However, the loan term can vary depending on the borrower's financial situation and the lender's requirements. For example, some borrowers may choose a shorter loan term to pay off the mortgage faster and save on interest costs, while others may opt for a longer loan term to lower the monthly mortgage payment.

It's recommended to consider your financial goals, budget, and ability to make higher monthly payments when choosing a loan term and to consult a financial advisor for guidance on selecting the best mortgage loan term for your individual circumstances.

What is the minimum mortgage amount in Nova Scotia?

The minimum mortgage amount in Nova Scotia can vary depending on the lender and the type of mortgage loan being obtained.

Lenders typically have minimum mortgage requirements, ranging from $10,000 to $50,000 or more. For example, some lenders may require a minimum mortgage amount of $25,000 for a conventional mortgage, while others may have a minimum requirement of $50,000 for a jumbo mortgage loan.

It's recommended to check with individual lenders for their specific minimum mortgage requirements and to aim to borrow the smallest amount necessary to achieve your financial goals. Borrowing more than you need can result in higher monthly payments, higher interest costs, and longer repayment terms.

What is the maximum mortgage amount in Nova Scotia?

Most lenders use the borrower's debt-to-income (DTI) ratio to determine the maximum mortgage amount they are willing to approve. The DTI ratio is the ratio of a borrower's monthly debt payments to their monthly gross income. The maximum DTI ratio that most lenders are willing to accept is typically around 44%.

The maximum mortgage amount a borrower can obtain can also depend on the type of mortgage obtained and the lender's specific lending policies. It's recommended to check with individual lenders for their specific maximum mortgage loan amounts and to aim to borrow the smallest amount necessary to achieve your financial goals. Borrowing more than you need can result in higher monthly payments, higher interest costs, and longer repayment terms.

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

How much do I need for a down payment on a mortgage loan in Nova Scotia?

In Nova Scotia, the typical down payment for a mortgage loan is 5% to 20% of the property's purchase price, although some borrowers may be able to put down as little as 3% or as much as 25% or more.

Lenders may require higher down payments for certain types of mortgage loans, such as jumbo loans or loans with high loan-to-value (LTV) ratios. However, borrowers with higher credit scores, lower debt-to-income ratios, and a strong financial history may also be able to put down a smaller down payment.

It's recommended to aim to put down the most significant down payment possible to reduce the amount of the mortgage loan, lower the monthly mortgage payment, and increase the chances of being approved for a mortgage. Borrowers can also consider alternative sources of down payment funds, such as gifts from family members or the use of a registered retirement savings plan (RRSP) through the Home Buyers' Plan (HBP).

Who can take out a mortgage in Nova Scotia?

In Nova Scotia, Canada, anyone who meets the eligibility criteria set by lenders can take out a mortgage loan. The eligibility criteria for a mortgage loan can vary by lender but generally include the following:

Age: Most lenders require borrowers to be at least 18 years old or older to qualify for a mortgage loan.
Residency: Borrowers must be Canadian citizens or permanent residents or have a valid work permit.
Income: Borrowers must have a steady income, typically from employment or self-employment, to demonstrate their ability to repay the mortgage loan.
Credit score: Borrowers must have a good credit score to qualify for a mortgage loan. A credit score of at least 620 is typically considered the minimum, although some lenders may require a higher score.
Down payment: Borrowers must have a down payment, typically 5% to 20% of the property's purchase price. If your down payment is less than 5%, you will be required to purchase mortgage insurance.
Debt-to-income (DTI) ratio: Borrowers must have a DTI ratio that meets the lender's guidelines. Most lenders prefer a DTI ratio of 44% or less.
Property: The purchased property must meet the lender's standards and criteria for the type of mortgage loan being obtained.

It's important to check with individual lenders for their specific eligibility criteria and to consult with a mortgage professional to determine your ability to take out a mortgage loan. Borrowers who cannot meet the lender's eligibility criteria can consider alternative options, such as obtaining a co-signer or working on improving their credit score and financial profile.

Types of mortgages in Nova Scotia

In Nova Scotia, several types of mortgage loans are available to borrowers. Some of the most common types include:

Conventional mortgage: This is a standard mortgage loan secured by the property, often with a fixed interest rate.
High-ratio mortgage: This type of mortgage is for borrowers with a down payment of less than 20% of the property's purchase price and requires mortgage default insurance.
Fixed-rate mortgage: This type of mortgage has a fixed interest rate for the term of the mortgage, which means the monthly payment remains the same for the entire term.
Variable-rate mortgage: This type of mortgage has an interest rate that can change over time based on changes in the lender's prime rate.
Adjustable-rate mortgage (ARM): This type of mortgage has an interest rate that is fixed for a specific period and then adjusts according to changes in the lender's prime rate.
Open mortgage: This type of mortgage allows borrowers to make unlimited extra payments or repay the mortgage in full without penalties.
Closed mortgage: This type of mortgage has restrictions on making extra payments and/or paying off the mortgage early without penalties.
First-time homebuyer mortgage: This type of mortgage is designed for first-time homebuyers and often has more favorable terms, such as lower down payment requirements, lower interest rates, and more flexible eligibility criteria.

Borrowers in Nova Scotia can choose from these and other types of mortgage loans based on their specific needs, financial situation, and goals. It's important to consult with a mortgage professional and carefully consider each type of mortgage's terms, conditions, and costs before making a decision.

Where to get a mortgage in Nova Scotia?

In Nova Scotia, Canada, there are several places where you can get a mortgage loan, including:

Banks: National and regional banks, such as Equitable Bank, Laurentian Bank, HSBC, CIBC, TD Bank, Simplii Financial, National Bank of Canada, Tangerine Bank, BMO, RBC, Motusbank, Scotiabank, Canadian Western Bank, Manulife, offer a variety of mortgage products and services.
Credit unions: Credit unions in Nova Scotia, such as Coast Capital Savings, East Coast Credit Union, Credit Union Atlantic, Valley Credit Union, and Desjardins, offer mortgage loans and often have more flexible and personalized lending options.
Mortgage brokers: Mortgage brokers such as Nesto, Mortgage Alliance, and Dominion Lending are independent professionals who can help you find and compare mortgage products from different lenders and assist you in securing a mortgage loan.
Online lenders: Online mortgage lenders, such as ING Direct and PC Financial, offer mortgage loans through their websites, making the application process more convenient and accessible.
Private lenders: Private lenders, such as alternative mortgage lenders and hard money lenders, offer mortgage loans to borrowers who may not be eligible for traditional mortgage loans.

It's important to compare the terms, conditions, and costs of each type of lender and mortgage product before deciding and consulting with a mortgage professional for advice and guidance. Remember that some lenders may only be licensed to operate in certain provinces or territories, so it's important to check their availability in Nova Scotia.

FAQ

How much is the average house payment in Nova Scotia?

The average house payment in Nova Scotia can vary depending on factors such as the location, size, and price of the home, as well as the interest rate and down payment amount. In 2022, the average cost of a home in Nova Scotia was around $385,000. A 20% down payment on a $385,000 home, with a 30-year fixed mortgage rate of 2.5%, would result in a monthly mortgage payment of approximately $1,500 before taxes and insurance.

What credit score do you need for a mortgage in Nova Scotia?

A credit score of at least 600 is generally considered the minimum requirement to qualify for an insured mortgage in Nova Scotia. However, the specific credit score required can vary depending on the lender and other factors, such as the size of the down payment, the loan-to-value ratio, and the borrower's income. Generally, a higher credit score can result in a lower interest rate, leading to lower monthly mortgage payments. It's always best to check with a lender for their specific requirements.

How much do you have to put down on a property in Nova Scotia?

The amount you need to put down on a property in Nova Scotia can vary depending on several factors, including the type of mortgage you choose and the lender's requirements. For example, a conventional mortgage typically requires a down payment of at least 20% of the home's purchase price. In contrast, government-backed mortgage programs, such as those insured by the Canada Mortgage and Housing Corporation (CMHC), may require a minimum down payment of 5%. However, a smaller down payment can result in higher interest rates and monthly mortgage payments. Therefore, it's always best to check with a lender for their specific requirements.

How much house can I afford in Nova Scotia, making 100K a year?

The amount of house you can afford in Nova Scotia while earning 100,000 CAD per year depends on several factors, including your debt-to-income ratio, credit score, and savings for a down payment. As a general rule of thumb, it's recommended that your monthly housing costs, including mortgage payments, property taxes, and insurance, should not exceed 28% of your monthly gross income.

Using this guideline, if you earn 100,000 CAD per year, your monthly gross income would be approximately 8,333 CAD, and your monthly housing costs should not exceed 2,333 CAD. Based on an average home price of 385,000 CAD in Nova Scotia and a 20% down payment, this would give you a maximum mortgage amount of 240,000 CAD, with a monthly mortgage payment of approximately 1,500 CAD. However, these are just rough estimates, and you should always consult a lender for a more accurate assessment of what you can afford.

What would the monthly payments on a $380,000 house be in Nova Scotia?

The monthly mortgage payment on a $380,000.00 home in Nova Scotia would depend on several factors, including the interest rate, loan term, payment frequency, and down payment amount. Here's a rough estimate based on a 20% down payment and a 30-year fixed mortgage rate of 2.5%:

Down payment: $380,000 x 20% = $76,000
Loan amount: $380,000 - $76,000 = $304,000
Monthly mortgage payment (before taxes and insurance): $304,000 x (2.5% / 12) / (1 - (1 + (2.5% / 12))^(-360)) = approximately $1,230.

Remember that this is just a rough estimate, and your actual monthly mortgage payment may differ based on your specific circumstances. Therefore, it's always best to consult a lender for a more accurate assessment.

Mortgage Сalculator in Nova Scotia of March 2025