CLOSING COSTS

Don’t Forget About Your Closing Costs

Closing costs are the additional expenses needed to complete your purchase. These planning estimates are not quotes: your property, lender, lawyer and closing date can change the final amounts.

Estimated $1,500–$2,500

Legal Fees

Your lawyer reviews the agreement, prepares mortgage and transfer documents, handles funds and registers the purchase. Ask whether HST, disbursements and title insurance are included in the quote.

Estimated $300–$600

Legal Disbursements

Expenses your lawyer pays to complete the transaction, such as searches, registration charges and administrative expenses. These may already be included in an all-in legal quote.

Estimated $200–$400

Title Insurance

A one-time policy covering certain title-related risks, subject to its terms. Confirm the cost and coverage with your lawyer.

Where applicable

Mortgage Default Insurance Tax

Where borrower-paid mortgage default insurance applies, Ontario PST is calculated from the actual insurance premium. The calculator includes this closing tax even when the premium is added to the mortgage. Ontario insurance tax information.

Amount varies

Adjustments

You may reimburse the seller for your share of prepaid property tax, condo fees or other applicable charges after closing. Your lawyer calculates these from the transaction details.

Amount varies

Other Applicable Expenses

Allow for inspection costs and other expenses that apply to your purchase. Toronto purchases also have a MLTT administration fee. Keep moving costs and an emergency reserve separate from this calculator.

Do not add an item twice if it is already included in your lawyer’s quote. The calculator’s $2,000 all-in legal amount and $1,000 other-cost allowance are editable examples, not the sum of the ranges above. Replace them with your own quotes and estimates.

ONTARIO AND TORONTO

Land Transfer Taxes

Ontario land transfer tax applies to purchases in Ontario. A property in the City of Toronto also has Toronto Municipal Land Transfer Tax. Both are calculated using the purchase price and their respective tax brackets.

Eligible first-time buyers may qualify for an Ontario refund of up to $4,000 and, for Toronto properties, a separate Toronto rebate of up to $4,475. Eligibility can depend on each buyer’s ownership history, spouse and ownership share. Your lawyer should confirm eligibility and final amounts.

The existing calculator below has a Land Transfer Tax view that shows each tax, applicable refund or rebate, and the net payable. It shares the same property and buyer inputs with Cash Needed.

Use the Land Transfer Tax Calculator

APPLY IT TO YOUR NUMBERS

How Much Cash Do I Need?

Choose cash needed or land transfer tax. Both use the same property and buyer information; no need to enter it twice.

Property & purchase

Purchase price ($)Property locationDown payment ($)Amortization — for insurance estimate

CMHC Home Start eligibility confirmed for an insured 30-year mortgage.

CMHC’s first-time buyer definition differs from the LTT refund definition. Review Home Start eligibility with your lender. This field does not calculate a monthly mortgage payment.

Buyer eligibility — check these example answers

How many people are buying the property?Buyer 1 — Is Buyer 1 a First-Time Home Buyer?Buyer 2 — Is Buyer 2 a First-Time Home Buyer?Are the two buyers spouses?

Spouses include married couples, or unmarried couples living together continuously for at least three years, or in a relationship of some permanence if they are parents of a child. If unsure, ask your lawyer.

Did the spouse who previously owned a home own any home while you were spouses?Is the spouse who previously owned a home a Canadian citizen or permanent resident at closing?Buyer 1 Ownership (%)Buyer 2 Ownership (%)Do the buyer(s) marked Yes meet the other refund requirements?

A Yes first-time status means never owning any home or interest in a home anywhere in the world. Other requirements: each claimant is at least 18, is a Canadian citizen or permanent resident at closing, will occupy this home as their principal residence within nine months, and any spouse (even if not buying) has not owned a home while they were spouses. Check these editable example answers. If citizenship will be obtained later, confirm the application and timing with your lawyer; no uncertain refund is deducted here.

Buying with someone else? First-time buyer land transfer tax eligibility can change when one buyer has owned a home before. Your estimated refund may depend on your relationship and each buyer’s ownership share. Ontario rules · Toronto rules.

Editable closing-cost estimates

Legal closing costs, all-in ($)Other closing-cost allowance ($)

$2,000 legal and $1,000 other costs are editable placeholders, not quotes. Your other allowance excludes LTT, the Toronto fee and mortgage-insurance tax, which are calculated separately. Include only expenses not already in your legal quote.

Add any mortgage default insurance premium to the mortgage.

The premium is normally financed in this estimate. If you choose to pay it upfront, it is added to your cash needed. Ontario PST on the premium must be paid upfront either way.

Why are the insurance premium and tax different?

Mortgage default insurance protects the lender. For a standard insured purchase, the premium depends on the mortgage amount and loan-to-value ratio, not a generic share of the purchase price. Our estimate uses CMHC’s traditional-down-payment rates; insured 30-year financing adds a 0.20 percentage-point surcharge where eligible.

The premium can be added to the mortgage. Ontario’s 8% PST on that premium cannot be financed into the mortgage and is included in Other Closing Costs. With 20% down, this calculator assumes no borrower-paid default insurance; lender requirements may differ.

How do first-time buyer refunds work?

Eligible Ontario buyers may receive up to $4,000; eligible Toronto buyers may also receive up to $4,475. Two non-spouse buyers with mixed eligibility receive an estimate based on the qualifying ownership share. A qualifying buyer may include a spouse’s share if the spouse’s prior ownership ended before their spousal relationship and applicable citizenship requirements are met. Owning during that relationship can disqualify the claimant. Uncertain answers deduct no refund.

This estimate assumes eligible refunds are claimed at registration. Later applications, additional processing fees and special cases need lawyer confirmation.

See the $600,000 Toronto home example · Does buying fit your situation now?

Plan the monthly budget separately

This calculation is about cash needed to purchase. Mortgage payments, ongoing tax, condo fees, insurance, utilities and repairs belong in your monthly plan.

Check your Homeownership Comfort · Compare Renting vs. Owning · Learn about closing day · Return to the Financial Readiness Roadmap

Official sources

Rules reviewed September 30, 2026. Replace allowances with quotes and confirm eligibility before closing.