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Contact a Group Mortgage Plan Specialist today to discuss your organization’s plan information and review your options and product recommendations.

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Step 3: Calculate Your Costs

Buying a home involves both one-time costs and ongoing expenses. The largest one-time expenses are your downpayment and closing costs.

The downpayment usually represents between 5-20% of the total price of the property.

Budget approximately 2-3% of the purchase price of your new home for expenses associated with closing costs. Some expenses may include:

  • Appraisal
  • Inspection
  • Land Transfer Tax
  • Legal fees and disbursements
  • Sales taxes

Ongoing Expenses

Your mortgage payments will be your largest ongoing expense. This can be paid through a number of payment frequencies, such as weekly, bi-weekly, monthly or semi-monthly, depending on the mortgage you choose. See how different payment frequencies can help you pay off your mortgage faster by using the Pay Mortgage Faster Calculator .

In addition to your regularly scheduled mortgage payments, there are other costs that you should budget for:

  • Utilities (heat, hydro, water)
  • General maintenance
  • Home & fire insurance premiums
  • Property taxes
  • Condo fees (if applicable)

We are available to help you understand all costs involved in buying your home.