Closing Cost Calculator

Buying a home is more than just the purchase price and hiring movers. There are a series of additional fees that come along with homeownership that you need to be prepared for. Ensure that you are financially ready for the huge investment of owning a home.
Brand New Modern Home

Mortgage Info

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Ontario

Total Mortgage

$0

Monthly Mortgage Payment

$0

Closing Costs

Land Transfer Tax$6,275
Municipal Tax$0
Real Estate Lawyer$1,500
Property Insurance$500
Title Insurance$400
Appraisal$400
Other Costs$1,150
HST on CMHC Insurance$0
FTHB credit- $0
Total Closing Cost$8,925

* These calculations are just an estimate. To get a true overview of your affordability, apply online in 5 minutes and a Homewise Advisor can overview your full financial picture.

Mortgage Brokerage Licensed in ON #12984, BC #X301004, MB and AB. Homewise can pursue mortgage brokering activity in SK, NL, NS and NB. We are proudly Canadian!

What Are Mortgage
Closing Costs?

Mortgage Closing Cost are a series of additional costs in addition to the purchase of your home. These expenditures will likely account for 1.5%-4% of the homes total cost. As an example, if you are spending $810,000 on your new home, expect your closing costs to be anywhere from $12,150 - $32,400. In most cases, closing costs are due upon the official transfer of property from seller to buyer. There are times however, when some or all would be due before the closing date.

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Closing costs explained

Understanding the Additional Closing Costs Factors

Buying a home is an exciting time and comes with a great deal of thought, research and organization. Saving money for a downpayment and qualifying for an affordable mortgage rate is just the beginning, however. Mortgage closing costs also need to be carefully considered and prepared for during your home ownership journey. Closing costs can add up quickly and a common mistake that home buyers will make is not accounting for these costs.

Ensure that you are well informed and financially ready for the following:

Land Transfer Tax

Real Estate Lawyer

Property Insurance

Title Insurance

Appraisal

Post Move Costs

Moving Costs

Estoppel Certificate Fee

Mortgage Default Insurance

Prepaid Property Taxes and Utility Bills

Water Quality Inspection

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