Down payment (amount available to put down from savings, etc ) |
$ |
Balance of purchase price |
$ mortgage amount |
Legal fees |
$ 900 - $1200 |
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 |
Appraisal cost (if required) |
$ 321 |
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. |
