Acres

Cost to buy

Cash you need to close, plus your mortgage and monthly payment. Every number is editable.

Cash to close

$33,400

Monthly payment $2,460.74

The home

$
%
$22,500 · minimum for this price is $22,500
%
Use your quoted rate
Amortization
30 years with under 20% down: first-time buyers and new builds only
Sets the deed transfer tax rate.

Closing costs

$
Your lawyer's quote
$
More for rural homes
$
Prepaid tax, oil, etc.
$
Movers, hookups

Cash needed to close

Down payment
$22,500
Deed transfer tax1.5% of the price
$6,750
Legal fees + disbursements
$1,500
Home inspection
$550
Closing adjustments
$600
Moving + setup
$1,500
Total cash to close
$33,400

Your mortgage

CMHC insurance premium4% of the loan, added to your mortgage
$17,100
Total mortgage
$444,600
Monthly paymentPrincipal + interest only
$2,460.74
How it works
  • Minimum down payment is 5% of the first $500,000, 10% of the portion from $500,000 to $1.5 million, and 20% at $1.5 million or more.
  • With less than 20% down, the CMHC premium (2.80% to 4.00% of the loan, plus 0.20% for a 30-year amortization) is added to the mortgage rather than paid in cash.
  • Deed transfer tax is the purchase price times your municipality's rate. Legal fees, inspection, adjustments and moving are your own estimates.
  • The monthly payment uses Canadian semi-annual compounding and covers principal and interest only.

Sources

CMHC: Mortgage loan insurance premiumsService Nova Scotia: Municipal deed transfer tax rates

Estimates only, not a quote or financial advice. Monthly payment uses Canadian semi-annual compounding and excludes property tax, insurance and heating.