Closing Cost Calculator
Try our Closing Cost Calculator now to get a clearer picture of your home-buying expenses!
Estimate Your Total Home Closing Costs Instantly
When buying or selling a property, closing costs can add up quickly. Our Closing Cost Calculator helps you estimate the total expenses, including land transfer tax, legal fees, title insurance, and other necessary charges, so you can plan your budget effectively*
*This is a quote only, and the fees may change if:
1. Property is rental or investment property
2. Private financing or B-Lender is involved
3. Rental Contracts and Assumption of rental equipment being assumed/ registered or discharged
4. Excessive emails or communication
5. Unforeseen issues with title – we will advise as soon as any adverse matters are discovered
6. Delays with funding receiving mortgage instruction less than 5 bus days prior to closing
7. Extension of closing
8. Changing documents as a result of adding or removing parties to title / mortgage
Need Trusted Legal Guidance? Let’s Get Started!
Whether you’re buying or selling property, securing financing, or planning for the future, Terralaw is here to help. Contact us today for expert legal support and a smooth, stress-free experience.
Why Work With Us?
We understand that legal matters can be complex and overwhelming. That’s why we provide clear, efficient, and personalized solutions that ensure your peace of mind.
Experienced Lawyers
With years of specialized expertise, we offer insightful legal advice and practical solutions tailored to your needs.
Personalized Service
We take the time to understand your unique situation and provide customized legal strategies that align with your goals.
Clear Communication
We simplify complex legal terms and processes, keeping you informed every step of the way.
Efficiency
Our streamlined approach ensures timely and cost-effective legal solutions without compromising quality.
Client-Focused
Your success and satisfaction are our top priorities; we are committed to providing exceptional client care.
Comprehensive Expertise
From real estate transactions to business law, we offer a full range of services to meet all your legal needs under one roof.
FAQs
Closing costs are the final expenses associated with a real estate transaction, including land transfer tax, legal fees, title insurance, and more. Buyers typically cover most closing costs, while sellers may be responsible for real estate commissions and discharge fees for any existing mortgage.
Closing costs usually range between 1.5% to 4% of the purchase price. However, this amount can vary based on factors such as location, mortgage type, and additional fees.
The Ontario Land Transfer Tax (LTT) is a percentage of the purchase price, with an additional Municipal Land Transfer Tax (MLTT) if buying in Toronto. Our calculator automatically estimates this cost based on your property details.
Yes, first-time homebuyers in Ontario may qualify for a Land Transfer Tax rebate of up to $4,000, reducing or eliminating the tax owed.
Some lenders may allow you to roll certain closing costs (such as CMHC mortgage insurance) into your mortgage, but most expenses must be paid upfront.
To reduce closing costs, you can:
- Apply for first-time homebuyer rebates.
- Negotiate lower legal fees.
- Compare mortgage lenders for the best rates.
- Avoid unnecessary home inspection or appraisal costs if not required.