Penny McCarroll, Sales Representative - 519.591.HOUSE [4687] - Penny@KWhomes4you.com
What closing costs will I incur and what mortgage amount is affordable?
As you prepare to buy a home, it is important to know your full costs. Check out the Closing Cost, Land Transfer Tax, and mortgage calculators below to get a better idea of your total costs.
Mortgage Calculator - How much can you afford?
To help you estimate the maximum mortgage you can afford CMHC has developed an easy to use mortgage tool. Please click on their logo:
Closing Cost Estimator
Discover the full cost of your home.
Land Transfer Tax Calculator
Buyers in most areas will have to add Land Transfer Taxes to their closing costs.
Land transfer taxes are a part of the process unless you live in Alberta, Saskatchewan, or rural Nova Scotia. These taxes, levied on properties that are changing hands, are the responsibility of the buyer.
The following illustrates Land Transfer Taxes in Ontario.
ONTARIO
Land Transfer Tax
Amounts under $250,000 X 1 % of the value of consideration less $275
Amounts exceeding $250,000 to $400,000 X 1.5 % of the value of consideration less $1,525
Amounts exceeding $400,000 X 2 % of the value of consideration less $3,525
