🏠 Estimate Your Closing Costs & Potential Savings
Estimate your closing costs, available government rebates, Closing Cost Rewards, and potential Recovery Goal in less than a minute.
💬 Know someone buying, renewing, refinancing, or accessing their home equity?
Share this calculator—they can estimate their closing costs and reserve their own Closing Cost Reward of up to $1,300 before the current offer changes.
Why Closing Costs Matter
Many homeowners focus on the mortgage payment, interest rate, or down payment.
What many don't realize is that mortgage transactions often involve closing costs that can require additional funds at closing.
Closing costs are commonly associated with:
• Buying a home
• Renewing your mortgage
• Refinancing your mortgage
• Accessing home equity
• Exploring a reverse mortgage
⚠️ For home purchases, many lenders require proof that funds are available for closing costs, often using a guideline of approximately 1.5% of the purchase price.
Example
🏠 $500,000 Purchase Price
• Lender may require approximately $7,500 available for closing costs
💡 Closing costs include land transfer tax, legal fees, appraisal fees, lender fees, and other transaction-related costs.
Step 1 — Use Every Available First-Time Buyer Program
If you're purchasing your first home, one of the largest opportunities to reduce closing costs may be through first-time buyer land transfer tax rebates.
Buying Outside Toronto
First-time buyers may qualify for:
• Ontario Provincial Rebate — up to $4,000
• Homes under $368,000 pay $0 provincial land transfer tax
• Homes above $368,000 receive the full $4,000 rebate
Buying Inside Toronto
First-time buyers may qualify for both:
• Ontario Provincial Rebate — up to $4,000
• Toronto Municipal Rebate — up to $4,475
Maximum Combined Rebate: $8,475
💡 These rebates are typically applied on closing day, helping reduce closing costs immediately.
🏠 RRSP Home Buyers' Plan (HBP)
If you're purchasing a home, you may be able to use up to $60,000 from your RRSP through the Home Buyers' Plan (HBP), or up to $120,000 per couple, which may help cover some closing costs.
💡 Combined with first-time buyer rebates, Closing Cost Rewards, and Closing Cost Credits, this may further reduce the amount of cash required at closing.
Step 2 — Lock In Your Closing Cost Reward
As part of the strategy, a Closing Cost Reward is available to help offset future closing costs that would otherwise need to be paid out of pocket.
For many homeowners, the reward may be enough to cover most of their legal fees.
There is no cost to lock it in today.
Once locked in, you can use it anytime within the next 5 years or decide later not to use it at all.
🏠 Up To $1,300 Toward Future Closing Costs
Use anytime within 5 years
⏳ Current offer available until August 31, 2026
After that:
• Reward will be reduced to up to $1,000
• Usage period will be reduced to 3 years
• No obligation
• Takes less than 30 seconds
Step 3 — Increase Your Closing Cost Reward
After locking in your reward, share this page with friends and family so they can lock in their own Closing Cost Reward before the current offer changes.
🏠 If someone you referred later gets a mortgage through us and uses their Closing Cost Reward, you earn a $200 Closing Cost Credit.
💡 Locking in your reward early may give you more time to accumulate Closing Cost Credits before you need your next mortgage.
Example
🏠 Initial Closing Cost Reward
• $1,300
👥 Three Referred Friends Use Their Closing Cost Reward
• $600 additional credits
Total Available Toward Closing Costs
• $1,900
💡 For many homeowners, that may be enough to cover most legal fees and disbursements.
🎯 The Goal
For many homeowners, the goal is simple: reduce as much of the actual closing costs as possible.
For many homeowners, legal fees and disbursements are typically between $1,800 and $2,500.
Example
🏠 $500,000 Mortgage
A Lender Example
• Legal fees and disbursements: ~$1,800–$2,500
B Lender Example
• Legal fees and disbursements: ~$1,800–$2,500
• 1% lender fee: ~$5,000
💡 By combining government programs, Closing Cost Rewards, and Closing Cost Credits, some homeowners may be able to reduce a substantial portion of these costs.
Eligible Closing Cost Rewards and Closing Cost Credits are applied toward qualifying closing costs when your mortgage is completed.
⏳ Why Lock In Early?
Many homeowners don't start thinking about closing costs until they need a mortgage.
By locking in your reward early, you may have years to accumulate Closing Cost Credits before you buy, refinance, renew, or access equity.
The earlier you lock in your reward, the more time you may have to build Closing Cost Credits that can help reduce future out-of-pocket closing costs.
Want to find out how much you may be able to save on your closing costs?
Joel Laceda Mortgage Agent Level 2
BRX Mortgage Inc. FSRA #13463