Mortgage calculator
Ontario closing costs calculator
Estimate cash required for the down payment, land transfer tax, mortgage-insurance tax, legal work, adjustments, and other Ontario purchase costs.
- Remaining down payment
- $40,000
- Net land transfer tax
- $8,475
- Ontario tax on mortgage insurance
- $1,786
- Entered service and transaction costs
- $6,700
- Total estimated closing costs
- $16,961 (2.1%)
The deposit is not an additional purchase cost; it is credited toward the down payment. FCAC suggests preparing roughly 1.5%–4% of the purchase price for upfront or closing costs, but the actual transaction may fall outside that range.
Closing-cost breakdown
| Ontario land transfer tax | $12,475 |
|---|---|
| Ontario first-time buyer refund | −$4,000 |
| Estimated mortgage-insurance premium added to mortgage | $22,320 |
| Ontario 8% tax on insurance premium, payable in cash | $1,786 |
| Reference range at 1.5%–4% of purchase price | $12,000–$32,000 |
Not included automatically: non-resident speculation taxes, new-home HST or rebates, condominium status certificates, well or septic testing, property-specific adjustments, renovations, furniture, or emergency reserves.
How to use this estimate
Use current documents.Enter figures from the mortgage statement, renewal offer, payout quote, appraisal, or commitment where possible.
Compare like with like.Use the same balance, time period, and payment frequency when comparing alternatives.
Check the actual terms.Qualification, fees, compounding, privileges, and lender calculations may produce different results.