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Mortgage Closing Costs Calculator

These costs can sneak up on you — know what they are.

Closing costs can run from 1% to 4% of your home purchase price — and they're are on top of your down payment. Calculate yours to avoid ‘mortgage-close shock' for a stress-free process.

Here are the approximate amounts for your Closing Costs and how they're paid.

How Paid Approx. Amount
Land Transfer Tax (LTT) or Title Fee Paid through lawyer Varies by area (use calculator above)
Home Inspection Fee Paid to professional home inspector $500
Appraisal Fee Lenders often cover $300 - $600
PST on default insurance premium in some provinces Paid through lawyer Varies by premium amount
Legal and Admin Fees Paid through lawyer $500 - $1500
Condo/Strata Document Review Paid through lawyer $350 - $450
Wire or Draft Fees Paid through lawyer or bank $100 - $200
Adjustment Costs Varies by item; paid through lawyer $500 - $2000
Title insurance Based on mortgage amount; can be purchased through lawyer $400 - $1000
Home insurance (personal) Arrange through an insurance provider or broker Varies by insurer and details; monthly or annual premiums

What'er you in for?

When you buy a home, there are wrap-up costs involved — most are paid through your lawyer and are due in the final stages of your home purchase deal.

The idea is to prepare for your costs ahead of time so that you're not scrambling to come up with the funds.

5 important things to know about mortgage closing costs:

  1. Closing costs (1%-4% of your home purchase price) are due before or by the closing date of your home purchase contract.
  2. Closing costs are in addition to your down payment and can't be added to your mortgage loan.
  3. There are local and federal tax rebates that can help reduce what you pay.
  4. If you need to borrow to cover these costs, a lender will include it in your debt ratios for mortgage approval.
  5. If you can't cover the closing costs when it's time to close, your deal can fall through.

More details about your possible closing costs

Out of all your deal-related closing costs, Land Transfer Tax (if applicable for your area) usually costs the most, with the rest being a typical range for professional services (see chart above):

  • Land Transfer Tax (LTT) or Title Fees. Each province (and some cities, like Toronto) has its own rules about what you pay.
  • Home Inspection fee. The amount you pay, if you have this important condition as part of your purchase offer, can be offset by learning about the home's condition and if more costly surprises are waiting.
  • Appraisal fee. If an appraisal is deemed necessary, many lenders will cover this fee (but not always).
  • PST on default insurance premiums is charged in certain provinces (such as Saskatchewan, Ontario, and Québec).
  • Lawyer and admin fees. A catchall for the legal costs incurred to transact your deal — ask your lawyer to itemize them for your records.
  • Condo/Strata Document review. Done by an Estoppel Certificate review specialist to outline any potential issues buried in the fine print.
  • Adjustment costs. Transfer and settlement of outstanding costs related to the property, such as utilities and property tax.
  • Wire or Draft fees. Incurred to transfer your funds, including your down payment.
  • Title insurance. This one-time cost (depending on provider) is based on the size of your mortgage and is highly recommended to protect your finances against mortgage title fraud.
  • Home Insurance (personal vs default). It's required by most lenders, so you'll need to budget for the premiums and have a policy in place by the closing date.

Are there other costs related to buying a home?

  • Moving costs — from professional movers and packers to renting a van to ordering pizza for your family and friend-helpers
  • Boxes and packing supplies
  • Utility set-up fees
  • Furniture and appliances
  • Window coverings
  • Yard tools and decor

Here's how to save some cash.

Are you a first-time home buyer? There are several government programs and rebates to help reduce your closing costs or increase your down payment savings to cover them.

Get your best rate and mortgage! We're here with your lowest-possible rate (for which you need to qualify) to potentially save thousands on your mortgage.

Give our Compare and Save Calculator a spin to see the difference our volume rate discount can make — and feel better about wrapping up your closing costs.

Proof our rates are lower. Our in-house lender, THINK Financial, has the best rates in the industry to help you save now and again at renewal.

Expert brokers in your preferred language. Find your mortgage-savings expert in our company directory, or apply online, over the phone, or at a store near you.

We can help you anywhere you are in Canada!

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