Our closing costs calculator will give you an easy-to-use breakdown of the various expenses associated with buying real estate, such as land transfer tax, lawyer fees and more. With one simple click, our calculator will generate accurate estimates tailored to your specific situation so that you can better understand the total cost associated with buying a home. Get informed today and feel confident knowing what kind of financial commitment comes along with making such an important decision!
Calculate Buyer Closing Costs
Closing costs are one-time fees that the real estate buyers must pay when they decide to purchase a property in Canada. These costs include, but are not limited to: land or property transfer taxes, lawyer fees and inspection fees. In most cases, they have to be paid upfront and cannot be rolled into your mortgage. Generally, it is a good idea to budget between 3% and 4% of the purchase price of a resale home to cover the closing costs. Find out your closing costs using our calculator below.
Check all of the following that aply to you or your spouse/common-law partner.
Total Closing Costs
Excludes your down payment of $100,000
$117,000
Total Closing Costs$117,000
Total Closing Costs if home purchased with Sterling HomesAn Overview of Closing Costs
If you’re in the market to purchase a new home, it’s important to understand what a closing cost is. These are the various fees and expenses that come with finalizing the sale and purchasing the property. They typically range from 3-4% of the home’s purchase price and can include things like title insurance, appraisal fees, and lender fees.
Something else to note is that in most cases, these costs have to be paid upfront and cannot be rolled into your mortgage. While they may seem like an extra burden on top of the down payment and monthly mortgage payments, it’s important to budget for them ahead of time so that you’re not caught off guard. By being informed and prepared, you can confidently go ahead with one of the biggest purchases of your life.
Some of the most common closing costs are:
- Legal Fees for Lawyers – approx. $650 – $1000
- Land title charges and other disbursements paid through the lawyer’s office – approx. $250 – $600
- Home inspection – approx. $300 – $900
- Property appraisals – approx. $200 -$350
- Landscaping Deposit (refundable once you complete landscaping) – approx. $1,000 – $2,500
- Home/Fire Insurance – approx. $700 – $2,000
How to Calculate Closing Costs in Edmonton
To calculate your closing costs, start by getting an estimate of the value of your home from your lender or real estate agent. Then, simply enter the purchase price of your home, the percentage of the down payment, and the type of home you’re purchasing. With that information, the calculator will give you a detailed breakdown of your closing costs including the land transfer tax, legal fees, home inspection, title insurance and many others.
With our Closing Costs Calculator, you’ll be able to plan ahead and make sure you’re ready for any financial surprises that could come along with buying your ideal home.
Tips for Reducing Your Closing Costs
Although closing costs are unavoidable, there are a few tips to help keep them as low as possible. For instance, it’s important to shop around and compare different lenders to make sure you’re getting the best loan terms and interest rates.
Additionally, if you have enough saved up for a larger down payment, this can reduce your mortgage rates significantly which could lower closing costs. Lastly, it’s a good idea to check with your real estate agent to see if they can negotiate any of the fees associated with closing on the home.
Save More On Closing Costs By Building A Brand-New Home
If you’re currently looking to purchase a new home, there are several options available to help you save on closing costs. One of these options is to consider new construction. In most cases, a home inspection is typically included in the building process, so you may not need to worry about paying for one separately. However, some buyers may still choose to have an independent inspection completed for added peace of mind.
Another way to save money when purchasing a new home is to look for builders who offer incentives for closing costs. For example, Sterling Homes will cover legal fees and land title charges if you build with us. This could significantly reduce your closing costs if you’re located in the Edmonton area. Overall, taking advantage of these types of savings opportunities can help you keep more money in your pocket while still finding the perfect new home for you and your family.
Our closing costs calculator can help you budget for your home purchase and keep your home buying experience stress-free. It provides an estimation of the costs involved so that you’ll have a good idea of how much you’ll need to finalize the sale. Being armed with accurate information can help you make an informed and empowered decision.
If you need further assistance when it comes to estimating costs associated with closing on your new home, don’t hesitate to contact us today. We’ll be more than happy to answer your questions and provide you with all the necessary information so that you feel confident stepping into your future as a homeowner!
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