Purchase of a Home

Example of Purchase

Information

Possession dateJune 1
Purchase Price$200,000.00
Mortgage(10% down)$180.000.00
Interest Rate 4%
Property Taxes$2,400.00
Land Titles delay21 days

Closing Costs

Disbursements:
Land Transfer Tax$1,739.00
Mtg. Registration costs89.00
Title Insurance250.00
Tax Certificate44.00
Tax & Title Search50.00
Miscellaneous175.00*
GST on * ($175)8.75
Total Disbursements$2,355.75
Legal Fees:
Basic Fee$550.00*
Mortgage Fee200.00*
GST & RST on * ($875)97.50
Total Legal$847.50
Interest:
$180,000.00 x 4% / 365 x 30 days)$591.78
Total Costs:
($2,355.75 + 847.50 + 591.78)$3,795.03
Less:
Property Tax Credit:
($2,400.00 ÷ 12 x 5)$1,000.00
Total Funds Required:$2,795.03