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Down payment (amount available to put down from savings, etc )
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$
|
|
Balance of purchase price
|
$ mortgage amount
|
|
Legal fees
|
$ 900 – $1500
|
|
Property survey (if required)
|
$ 321
|
|
Adjustments for taxes, fuel, supplies etc.
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$ * below
|
|
Property purchase tax
|
$ ** below
|
|
Mortgage Insurance (high ratio mortgage added to mortgage)
|
$ *** below
|
|
Home insurance (fire)
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$ 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)
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| ** 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.
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