About this calculator
What does this calculator estimate?
The Ontario Home Purchase Closing Cost Calculator estimates the cash a buyer may need to bring on closing for a residential purchase in Ontario. It is an estimate only and is not legal or tax advice. It estimates:
- the remaining purchase price after your mortgage and deposits
- Ontario Land Transfer Tax
- Toronto Municipal Land Transfer Tax, where the property is in Toronto
- first-time home buyer rebates, where applicable
- the title insurance premium you enter
- the $1,399 All-In Purchase Closing Special
- your mortgage proceeds
- deposits already paid
- the estimated cash required to close
How the estimate is calculated
The calculator follows this formula:
Estimated Funds Required to Close
= Purchase Price
+ Net Land Transfer Tax (Ontario, and Toronto where applicable, minus first-time buyer rebates)
+ Title Insurance Premium
+ $1,399 All-In Purchase Closing Special
− Mortgage Amount
− Deposits Already Paid
Net Land Transfer Tax means the land transfer tax payable after any first-time home buyer rebate. The calculator does not estimate property tax adjustments, mortgage interest adjustments, lender deductions or other Statement of Adjustments items.
What does the $1,399 All-In Special include?
The $1,399 All-In Purchase Closing Special is a fixed price for the standard legal closing charges on a qualifying standard Ontario residential purchase. It includes:
- Legal fee
- HST on the legal fee
- Standard disbursements
- Standard software charge
- Registration of one transfer
- Registration of one mortgage
- Standard Law Society transaction fee
- Standard searches
- Standard mortgage instruction portal charge
- Standard bank draft charge
- Bridge financing legal work, where required
- Extra title issue work within the ordinary scope of the transaction
Land Transfer Tax and title insurance are additional and are not part of the $1,399 All-In Special.
The regular total of these standard charges is $1,601.59. A promotional savings of $202.59 is applied automatically, bringing the All-In Special to $1,399.00. Unusual or extraordinary lender requirements, rush fees, additional registrations and non-standard work are not included.
Ontario Land Transfer Tax explained
Ontario charges a Land Transfer Tax (LTT) on most purchases of real property in the province. The tax is calculated on the purchase price using graduated rates and is normally paid by the buyer at closing. The official rates and rules are published by the Government of Ontario.
Properties located in Toronto are also subject to the Toronto Municipal Land Transfer Tax, in addition to the Ontario tax. Properties elsewhere in Ontario pay only the Ontario Land Transfer Tax.
First-time home buyers may qualify for an Ontario Land Transfer Tax refund of up to $4,000, and first-time buyers in Toronto may also qualify for a Toronto refund. See the Ontario first-time homebuyer refund page for the official eligibility rules. This calculator applies the applicable rebate when you select “Yes” under first-time buyer, but eligibility depends on your circumstances.
This explanation is general information and not individualized tax advice. Confirm your specific land transfer tax with your lawyer.
Title insurance in Ontario purchases
Title insurance is an insurance policy that protects against certain defects in title and some closing-related risks. It is commonly used in Ontario residential purchase transactions and is often required by lenders.
Because the premium depends on the property, the purchase price and the insurer, the calculator does not estimate it automatically. You enter your title insurance premium separately so it is added to your estimated funds required to close.
The firm commonly uses FCT where appropriate. This calculator is not a quote for title insurance and does not claim that any one insurer is always the cheapest; the premium you enter should come from your insurer or quote.
Frequently asked questions
How much money do I need to close on a house in Ontario?
You need roughly your remaining purchase price (after mortgage and deposits) plus land transfer tax, title insurance, legal closing charges and applicable adjustments. This calculator estimates that total; the exact amount is confirmed on your Statement of Adjustments shortly before closing.
What closing costs does a buyer pay in Ontario?
An Ontario buyer typically pays Ontario Land Transfer Tax (and Toronto Municipal Land Transfer Tax if the property is in Toronto), title insurance, legal closing charges, registration charges and adjustments for items such as property taxes. Our $1,399 All-In Purchase Closing Special covers the standard legal closing charges for a qualifying standard purchase; land transfer tax and title insurance are additional.
Is Land Transfer Tax included in the $1,399 All-In Special?
No. The $1,399 All-In Special covers the legal fee, HST on the legal fee, and standard disbursements and registration charges. Ontario Land Transfer Tax and Toronto Municipal Land Transfer Tax (where applicable) are separate government charges and are not included.
Is title insurance included in the $1,399 All-In Special?
No. Title insurance is a separate premium charged by the title insurer. You enter your title insurance premium into the calculator separately so it is added to your estimated funds required to close.
How do deposits affect the funds required on closing?
Deposits you have already paid reduce the amount you need to bring on closing. This calculator subtracts deposits already paid from your estimated funds required.
Does the calculator include property tax adjustments?
No. Property tax adjustments, Statement of Adjustments amounts, mortgage interest adjustments and lender deductions are not estimated by this calculator. These are confirmed on your final Statement of Adjustments before closing.
What if I am a first-time home buyer?
First-time home buyers in Ontario may qualify for a provincial Land Transfer Tax refund of up to $4,000, and first-time buyers in Toronto may also qualify for a Toronto Municipal Land Transfer Tax refund. Select "Yes" under first-time buyer in the calculator to apply the applicable rebate.
What if the property is in Toronto?
Properties in Toronto are subject to both Ontario Land Transfer Tax and Toronto Municipal Land Transfer Tax. The calculator applies both when the selected municipality is Toronto, and applies the first-time buyer rebates for both where applicable.
Can the final closing amount be different from the estimate?
Yes. This calculator is an estimate only. The final amount can differ due to title issues, unusual lender requirements, rush handling, additional registrations, property tax adjustments or other transaction-specific costs. We confirm your exact amount on the Statement of Adjustments before closing.