Closing costs calculator
What will closing cost?
Land transfer tax, legal fees, title insurance and the rest - and the total cash you need on closing day.
- Land transfer tax
- Legal fees and title insurance
- Cash needed on closing day
Cash needed to close
$75,837
- Down payment
- $61,000
- Closing costs 2.43% of the price
- $14,837
- Total cash
- $75,837
Closing costs
- Land transfer tax, after refunds
- $8,675
- Sales tax on mortgage insurance (8%)
- $1,362
- Lawyer, fees and disbursements
- $1,800
- Title insurance
- $350
- Home inspection
- $550
- Appraisal
- $0
- Tax and utility adjustments
- $600
- Moving
- $1,500
- Total closing costs
- $14,837
Estimate only. Land transfer tax for a home with one or two single-family residences; mortgage insurance at 25-year rates. Legal fees, title insurance and the other amounts vary - your lawyer gives you the exact figures before closing. New homes can carry extra costs such as HST and development charges.
Good to know.
Budget 1.5% to 4%.
On top of the down payment, closing costs usually come to 1.5% to 4% of the price. Lenders want to see that you have at least 1.5% set aside before they approve the mortgage.
Mortgage insurance tax.
The insurance premium is added to your mortgage, but the 8% Ontario sales tax on it is not: it is paid in cash at closing, through your lawyer.
Adjustments.
If the seller prepaid property tax or utilities past closing day, you pay them back. Your lawyer shows this on the statement of adjustments a few days before closing.