Calculator
What buying actually requires in cash.
The purchase price is the number everyone quotes. This is the one that has to be in your account before the keys change hands.
Not yet verified. Land transfer tax rates and the default cost figures used here have not been checked against current sources by this build. The explanations are written for this site and each links to the official source. Confirm anything you intend to rely on, and take advice from a lawyer or accountant before acting on it.
- Down payment
- Land transfer tax
- Legal fees and disbursements
- Home inspection
- Other closing costs
- Estimated cash required
- Mortgage amount
Estimates only, not advice and not a quote. Mortgage default insurance, where it applies, is added to the mortgage rather than paid in cash, so it is deliberately excluded from this total.
What tends to get missed
Buyers budget the down payment and stop. The costs that follow are smaller individually and substantial together, and they are all due on or before closing.
Adjustments
If the seller prepaid property tax or utilities past the closing date, you reimburse the unused portion. Your lawyer sets this out in the statement of adjustments shortly before closing, and on a spring closing with taxes paid for the year it can be a real number.
Title insurance and registration
Usually arranged by your lawyer and quoted within legal fees, though not always. Ask whether the quote you were given is all in.
The costs after closing
Moving, utility connections, immediate repairs and the furniture the new place needs that the old one did not. None of them are closing costs, and all of them are real. Keep a reserve rather than arriving with your account at zero.