Home Buying Cost Calculator

Purchase Price

The total amount you are planning to spend on purchasing the home.

Down Payment (%)

The percentage of the purchase price you are planning to pay upfront. This affects your mortgage amount and mortgage insurance.

Location

The location where you are purchasing the home. This affects the land transfer tax and other location-specific fees.

Home Type

Specify if the home is a resale or a new build. This affects the Tarion Warranty Fees and HST on new builds.

First-Time Buyer

Indicate if you are a first-time homebuyer. This may qualify you for certain rebates, especially for Land Transfer Tax.

Home Inspection Fee

The cost of a professional home inspection to identify potential issues with the property.

Legal Fees

The fees charged by your lawyer for handling the legal aspects of the property purchase.

Home Insurance

The annual cost of insuring your home against damages and other risks.

Utility Adjustments

Reimbursement for any prepaid utility bills by the seller.

Property Tax Adjustment

Reimbursement for property taxes paid by the seller for the period after the closing date.

Calculation Formulas

How We Calculate Your Costs

Below are the formulas used to calculate the various costs associated with purchasing a home:

Purchase Price:

The total amount you are planning to spend on purchasing the home.

Down Payment:

Down Payment = Purchase Price × Down Payment Percentage

Mortgage Amount:

Mortgage Amount = Purchase Price - Down Payment

Mortgage Default Insurance:

Mortgage Default Insurance = (Mortgage Amount × 0.031) / (1 - 0.031) (if down payment is less than 20%)

Deposit:

Deposit = Purchase Price × 0.05 (typically 5% of the purchase price)

Land Transfer Tax:

Land Transfer Tax (Ontario) = 0.5% on the first $55K + 1% on $55K to $250K + 1.5% on $250K to $400K + 2% on amount over $400K

Land Transfer Tax (Toronto) = 0.5% on the first $55K + 1% on $55K to $400K + 2% on amount over $400K

Legal Fees:

Typical range between $1,200 to $2,500

Utility and Property Tax Adjustments:

Utility Adjustments and Property Tax Adjustments are based on estimates provided by the user.

Tarion Warranty Fees (if applicable):

Tarion Warranty Fees are applicable for new builds and vary based on the property.

HST on New Builds (if applicable):

HST on New Builds is applicable when buying directly from the builder and varies based on rebates eligibility.

Total Cost:

Total Cost = Purchase Price + Mortgage Default Insurance + Legal Fees + Home Inspection Fee + Home Insurance + Tarion Warranty Fee + HST on New Builds + Land Transfer Tax + Utility Adjustments + Property Tax Adjustment

Total Upfront Payment:

Total Upfront Payment = Down Payment + Legal Fees + Home Inspection Fee + Home Insurance + Tarion Warranty Fee + HST on New Builds + Land Transfer Tax + Utility Adjustments + Property Tax Adjustment