Cash needed on closing
Down payment plus closing costs
| Down payment | $0 |
| Ontario land transfer tax | $0 |
| First-time buyer refund | $0 |
| Sales tax on mortgage insurance8% of the premium, paid at closing | $0 |
| Legal fees | $0 |
| Title insurance | $0 |
| Home inspection | $0 |
| Tax & utility adjustments | $0 |
| Total | $0 |
Mortgage amount$0
Mortgage insurance$0
How these numbers work
- Land transfer tax uses Ontario's brackets: 0.5% on the first $55,000, 1% to $250,000, 1.5% to $400,000, 2% to $2 million, and 2.5% above that. Barrie and Simcoe County don't add a municipal tax.
- First-time buyers get up to $4,000 refunded, which covers the full tax on homes up to $368,000. Your lawyer usually claims it when the sale registers.
- Mortgage insurance is required with less than 20% down. The premium is 4.00%, 3.10% or 2.80% of the mortgage depending on your down payment, plus 0.20% for a 30-year amortization. It's added to your mortgage, but the 8% Ontario sales tax on it is paid in cash at closing.
- Other costs are typical estimates. Your lawyer's quote and your adjustments will set the real numbers.
General information only. This isn't legal, tax or mortgage advice. Confirm your final figures with your lawyer and lender. New-construction purchases can carry extra costs, such as HST and development charges, that this calculator doesn't include.