HOME BUYERS’ COST WORKSHEET
With everything there is to think about when a person is moving, many of us forget to investigate the various costs associated with closing a deal as well as making arrangements for allocation of funds to cover these costs.
There are more costs than the final portion of the down payment involved in closing. Buyers are often “caught” unaware of these additional costs. Although costs vary, here’s a breakdown of what to expect.
PURCHASE PRICE $
First Mortgage Principal Amount $
2nd Mortgage Principal Amount $
TOTAL of ALL Mortgages (CMHC Premium NOT included) $
DOWN PYMT REQUIRED (BEFORE adding CLOSING Costs) $
CMHC Insurance $___________
CLOSING COSTS $_________
Legals and Disbursements (approximately $1,500 + taxes) $
Purchasers Property Tax (1% up to $200,000, 2% thereafter) $
HST on new property $
Home Inspection Cost (approx $400) $
Mortgage Application Fees / Appraisal Fee $
GST on the CMHC Insurance Premium (7% of premium cost) $
Property Tax Adjustment $
Special Assessments - if applicable $
TOTAL - ALL Closing Costs $ TOTAL CASH REQ’D FOR THE HOME PURCHASE $
(Sum of Down Payment Req’d On Closing PLUS Total of All Closing Costs)
LESS: Deposit already paid with offer $
NET CASH REQ’D THE DAY PRIOR TO CLOSING $
REMEMBER... All dollar amounts quoted above are approximations and will vary! Check with your mortgage broker or bank
NET CASH REQ’D THE DAY PRIOR TO CLOSING $
REMEMBER... All dollar amounts quoted above are approximations and will vary!
