Closing Costs

Mortgage Closing Costs:

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Down payment (amount available to put down from savings, etc )

$

Balance of purchase price

$ mortgage amount

Legal fees

$ 900 – $1500

Property survey (if required)

$  321

Adjustments for taxes, fuel, supplies etc.

$  * below

Property purchase tax

$  ** below

Mortgage Insurance (high ratio mortgage added to mortgage)

$  *** below

Home insurance (fire)

$  500 – 600 /yr approx

Property Title Insurance (if required)

$ 250 – 300

Appraisal cost (if required)

$ 350 – 450

Interest adjustment (on 1st pymt date)

$ TBA

Mortgage brokerage fee

$ N/A OAC

 

 

TOTAL

________________

(Costs are an estimate and will depend on service provider.)

 

* prior to July  3 credit = (annual taxes/365x number of days vendor lived in the  property)

*after July 3 debit=(annual taxes/365 x number of days purchaser will live in the property)

** 1% of the first $200,000 and 2% of the balance

*** 95.01-100% mortgage 3.25% of the mortgage
     90.01-95% mortgage 2.75% of the mortgage
     85.01-90% mortgage 2.00% of the mortgage
     80.01-85% mortgage 1.75% of the mortgage
     80% mortgage usually 0%

     A 20% premium surcharge is applied to every 5 years of amortization beyond a 25 year period.