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| Purchase Price | $400000.00 | ||||
| Downpayment | 10% | $40000.00 | |||
| Balance of purchase price (mortgage) | $360000.00 | ||||
| Legal fees | 1300 | ||||
| Property Survey | $336 | or Title Insurance | $224 | $336.00 | |
| Adjustment for property taxes, fuel etc | Property tax | $1200.00 | |||
| Mortgage Insurance | (add to mortgage) | $367,920.00 | |||
| Property purchase tax (one time exemption) | $6,000.00 | ||||
| Home Insurance | ( check with insurance agent) | 600 | |||
| Appraisal Fee ($336) or may not be required if CMHC insured | 300 | ||||
| Home Inspection fee | (check with home inspector) | 500 | |||
| Interest Adjustment | (depends on first payment date) | 50 | |||
| Mortgage Brokerage Fee | (usually not applicable) | 0 | |||
TOTAL |
$50,286.00 |
| approximately $1200 for a purchase plus HST | |||
| Approximately $300 plus HST for a survey OR $200 plus HST for title insurance | |||
| *Use same notations: property tax less home owner grant (if applicable)/365 x number of days till Dec 31/ | |||
| Or before July 1 | |||
| Downpayment 5% ( 2.95%) of mtg | 10% 2.20% of mtg) | 15%-2.00% of mtg | 20%-0% usually not applicable |
| If purchase price is less than $200,000 use 1% of the purchase price | |||
| Approximately $600 per year | |||
| Approximately $300 plus HST | |||
| Approximately $500 plus HST | |||
| # of days between closing date and first payment date x interest ratexmortgage amount | |||
| Some brokers charge broker fees but in most cases we do not charge fees to the borrower |
These closing costs are to give you an idea of the other costs associated with purchasing a home. We like to ensure that your have enough money besides the down payment to cover legal, appraisal, and property purchase tax if applicable. Please contact us for more a more detailed estimate.
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