PEI Mortgage Calculator – Plan Your Monthly Home Payments

How to Use This PEI Mortgage Calculator

• Estimate your monthly mortgage payment quickly
• Adjust your down payment, interest rate, and amortization to compare scenarios
• Include estimates for property taxes and insurance to understand total monthly costs
• Plan your budget before speaking with a lender, booking showings, or making an offer
• Helpful for first-time buyers, move-up buyers, and investors

Key Mortgage Inputs (Quick Definitions)

Down payment: The amount you pay upfront. A larger down payment can reduce your mortgage amount and may avoid mortgage insurance at 20%+.
Interest rate: The annual cost of borrowing. Even small rate changes can noticeably affect your monthly payment.
Amortization: The total time to pay off the mortgage (often 25 years). A longer amortization can lower monthly payments but increases total interest paid.
Taxes & insurance: Optional inputs that help estimate your full monthly housing cost beyond the mortgage payment.

Example Mortgage Payment for a PEI Home

As a general example, a $400,000 home with a 10% down payment and a 5-year fixed rate around 5% can result in an estimated monthly payment in the range of $2,350–$2,550, depending on taxes and insurance.

Use the calculator below to adjust the purchase price, down payment, and rate to match your situation.

Are home prices higher on Prince Edward Island?

PEI prices vary by community and property type. In many areas outside Charlottetown, homes can be more affordable, while higher-demand neighbourhoods and coastal properties may trend higher.

What down payment do most PEI buyers use?

Down payments vary by buyer and lender requirements. Many first-time buyers use 5–10%, while buyers moving up often use 10–20% or more depending on equity and goals.

Does this calculator include PEI property taxes?

You can include estimated property taxes and insurance to get a more complete view of your monthly housing cost. For exact amounts, confirm taxes for the specific property you’re considering.

Can investors use this tool?

Yes. This calculator can be used to estimate payments for rental properties, cottages, and second homes across PEI, helping you compare scenarios before making an offer.