Calculators · Buying

Home purchase

Down payment, insurance premium, property transfer tax and closing costs on one side; mortgage, tax, heat and strata on the other.

Monthly cost of owning

$4,037

$3,203.25 mortgage payment over 25 years, plus $333 property tax, $150 heat and utilities and $350 strata.

Cash needed at completion: $75,050; Down payment plus closing costs
Closing costs: $15,050
Mortgage: $556,740; Includes $16,740 insurance premium

Cash to close

Down payment: $60,000
Property transfer tax: $10,000
Legal or notary fees: $1,500
Title insurance: $300
Strata documents and Form B: $150
Home inspection: $450
AppraisalOften waived or paid by the lender: $350
Adjustments at completionPrepaid property tax and utilities: $800
Moving, locks and set-up: $1,500
Total cash required: $75,050

Each month

Mortgage payment: $3,203.25
Property tax: $333
Heating and utilities: $150
Strata fee: $350
Total: $4,037

Assumptions behind these figures

BC property transfer tax with the first-time buyer and newly built exemptions where selected; GST at 5% on new homes less the federal rebate where it applies.
Legal, title insurance, inspection, appraisal, adjustments and moving are typical Lower Mainland figures; edit them in the closing-costs calculator.
Semi-annual compounding; insurance premium added to the mortgage.

These calculators are educational illustrations, not advice and not an offer of credit. Figures are estimates from the inputs you enter and simplified rules; your lender's calculation, rates, fees, taxes and qualification will differ and are confirmed only by a licensed mortgage professional, lawyer or accountant. Mervin Truong is a licensed real estate professional, not a mortgage broker or financial advisor.

More for buying

Mortgage paymentPayment, interest and amortization at any frequency.

AffordabilityA quick maximum purchase price from income and debts.

QualificationThe detailed version: strata fees, first-time buyer and new-build rules.

From estimate to plan

Talk to Merv about the real numbers.

A calculator describes a scenario. I'll read it against what's selling now and introduce a licensed mortgage professional to confirm what you qualify for.

Home purchaseHome purchase

Talk to Merv about the real numbers.

Home purchaseHome purchase

Talk to Merv about the real numbers.

Home purchase

Home purchase