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Purchaser
Financing When You’re Buying
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to the Mortgage Calculator
and determine your mortgage amount, rate of interest, amortization and term and
then simply fill in the blanks below.
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Home List Price:
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Sale Price:
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Down-Payment:
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Mortgage Amount:
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Monthly Payment: |
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Plus
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Taxes/Month: |
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Heat/Month: |
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Hydro/Month:
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Water/Month:
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Insurance/Month:
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Condo Fees:
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Monthly Commitment:
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Original Goal:
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Is This Realistic? |
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Remember - You Need A Life Too!
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Car Expenses:
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Personal Savings:
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Investments:
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Food:
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Phone/Cable:
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Entertainment:
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Travel-Holidays:
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Charities:
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Family Expenses:
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Education:
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Other:
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Closing
Costs
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The following is a typical list of expenses normally
incurred by a Buyer when completing the purchase of a home in Toronto.
Remember that G.S.T. applies to some of these costs.
Most lawyers have a fee schedule for the purchase or
sale of a residential home or other property.
It is wise to contact 2 or 3 lawyers to compare their costs and
services before selecting one to represent you.
Legal fees to close your transaction and set up your mortgage
should not exceed $1500.00 -
of this amount the List of Disbursements should be about $750.00 plus the
lawyer’s fee.
Many lawyers are closing transactions today with
Title Insurance. This fee is
about $350.00 and may or may not be included in the above amount.
Check with your lawyer.
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Land
Transfer Tax Formula
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| The amount of tax you will pay can be calculated
using the appropriate parts of this formula - depending on the purchase
price of your home. This tax
must be paid at the time of the closing of your property and before the
Title can be transferred to your name, so you must have the funds set
aside to pay this tax. First Time Buyers may be eligible for a tax credit or refund
so check with your lawyer or accountant.
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Under $55,000: Home Purchase Price
X .005 |
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$55,000
- $250,000: Home Purchase
Price X
.01 minus
$ 275.00
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$250,001 -
$400,000: Home Purchase Price X
.015 minus $ 1525.00
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Over $400,000:
Home Purchase Price X
.02 minus $ 3525.00
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Survey
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| A new survey may be necessary if the Vendor does not
have a new or existing one and your bank requires it.
The usual cost is between $700.00 to $1000.00 and the time frame to
have a survey done is about 2 weeks.
In lieu of a survey - I highly recommend a Title Insurance Policy.
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Title
Insurance & Home Warranty Plans
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Contact: First Canadian Title Insurance (905)555-5555
/ 1-800-555-5555 |
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Contact: First Canadian Home Warranty (905)566-0425
/ 1-800-307-0370 |
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