What will closing day cost?
Your down payment isn't the only cheque. Estimate Ontario and Toronto land transfer tax with first-time buyer refunds, plus legal fees, title insurance, inspection and adjustments, all in one total.
Rough numbers only. This is a calculator for planning, not an approval or advice. Rates shown are examples you can change. Nothing you type is saved unless you choose to email it to yourself.
- Ontario land transfer tax
- Toronto land transfer tax
- First-time buyer refunds
- PST on mortgage insurance (cash)
- Legal, title, inspection and other
- Down payment
- Total cash you'll need
Rough numbers for planning only. This isn't an approval, a quote, an offer or advice. Example rates are for the math and aren't rates we're offering. Your lender's policies, your credit and the property change the real answer.
Three steps.
Enter the price and down payment
Land transfer tax is calculated on the price. If you put down less than 20%, the PST on mortgage insurance is due on closing too.
Pick Toronto and first-time buyer
Toronto adds its own land transfer tax. First-time buyers can get refunds on both.
Swap in your real quotes
The other line items are examples. Replace them with quotes from your lawyer, inspector and insurer as you get them.
Worth knowing.
Land transfer tax
Ontario charges land transfer tax on every purchase, on a sliding scale. The City of Toronto adds a municipal tax on top. First-time buyers can get a refund of up to $4,000 from Ontario and up to $4,475 from Toronto.
PST on mortgage insurance
If your down payment is under 20%, your default insurance premium is added to the mortgage, but Ontario's 8% PST on that premium can't be. It's due in cash at closing.
Adjustments
Your lawyer balances prepaid costs like property tax and utilities between you and the seller. It can go either way, so leave a cushion.
The First-Time Buyer's Guide
Down payments, the stress test, FHSA, rebates and closing costs, explained for Ontario buyers.
Get the free guideGood questions.
How much are closing costs in Ontario?
It depends mostly on land transfer tax, which rises with the price, and on whether you're buying in Toronto. Add legal fees, title insurance, inspection and adjustments. This calculator adds them up with the numbers you enter.
Do first-time buyers pay land transfer tax in Ontario?
They pay it, but they can get a refund of up to $4,000 on the Ontario tax. In Toronto, first-time buyers can also get up to $4,475 back on the municipal tax. That covers all of the Ontario tax on homes up to $368,000.
Can closing costs be added to my mortgage?
Generally, no. Lenders want to see you have the closing costs saved, in addition to the down payment. The mortgage insurance premium is the exception, but the PST on it still has to be paid in cash.
When do I pay closing costs?
Most are paid through your lawyer on or just before closing day. The inspection is usually paid when it's done, before closing.
Want the real number?
These are rough numbers. I can run your actual file against real lender criteria, and checking your options won't touch your credit.
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