Home Closing Cost Calculator

What is a Closing Cost Calculator?

It's closing day, which means you’ve reached the penultimate stage in your home buying journey. You take possession of your new home on the closing day and the final legal formalities, exchange of keys and title or ownership take place on the final day at your lawyer or notary’s office.

Your mortgage lender transfers the money to your lawyer to complete the process and you hand over the down payment (minus the deposit) as well as the closing costs.

To be clear, closing cost is the amount you must be ready to keep aside on the date when the sale of the property becomes final, other than the down payment. It is usually 1.5% to 4% of the purchase price. 

Once this process is complete, the lawyer pays the seller, registers the home in your name and gives you the title deed and keys to your new home.

Closing costs include the legal fees, transfer fees, disbursements and other costs. These are in addition to the down payment and the GST, PST and HST (whichever tax is applicable, depending upon the province).

Our RATESDOTCA Closing Cost Calculator can do the math for you. All you need to do is input the required information like the down payment, asking price, land transfer tax, first-time homebuyer rebate, legal fee, to make sure the estimate is as accurate as possible. The location of your home is vital in calculating closing cost, so make sure you input the right location of your future home.