What Can You Afford
Royal Lepage Rockies West Realty
If you need help determining what you can afford, use these calculators.
Purchasing a home involves one-time costs and monthly expenses.
The largest one-time cost is the down payment and it usually represents between 5% to 25% of the total price of the property.
In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. These are listed below:
Typical One-Time Expenses:
|Mortgage Application and Appraisal Fee||At time of application|
|Inspection Fee||At inspection|
|Property Inspection (optional)||Closing|
|Deed and/or mortgage registration||Closing|
|Property Survey (sometimes provided by seller)||Closing|
|Land Transfer, Deed Tax or Property Purchase Tax (in Quebec within 3 months following signing)||Closing|
|Mortgage Interest Adjustment and Take Over Fee (if applicable)||Closing|
|Adjustments for Fuel, Taxes, etc.||Closing|
|Mortgage Insurance (and application fee if applicable)||Closing|
|Home and Property Insurance||Closing and on-going|
|Connection charges for utilities such as gas, water and electricity||Date of move|
|Moving Expenses||Date of move|
Other costs may include landscaping, redecorating, furnishings, appliances and repairs.
Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.