Mortgage Calculator Client First Mortgages

Equity calculator

Calculate how much equity you will have from your sale, and the closing costs of a new purchase.

Equity on Current Residence

Selling Price

Price you have sold or expect to sell your home for.

Realtor Costs - Buyers

Estimated real estate fees: 7% on the first $100,000 and 3% on the remainder. Calculated field, not fillable.

Mortgage Balance

Current balance of your mortgage and/or secured lines of credit

Mortgage Penalty

Penalty to break your mortgage, if applicable.

Tax Adjustment

Adjustment based on having paid the annual property taxes.

Legal Fees

Estimated legal costs.

Strata Adjustment

If you have prepaid the strata fee for the month, you may receive a credit.

Total Equity

Amount you will earn from the sale of your property after expenses.

Closing Costs on New Purchase

New Purchase Price

Price you expect or have purchased the new property for.

Property Transfer Tax

Tax payable when gaining interest in a property or land. In BC the property transfer tax rate is: 1% on the first $200,000, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, 3% on the portion of the fair market value greater than $2,000,000. If you are a first-time homebuyer and purchase under $525,000 then there could be a partial or full exemption.

Legal Fees

Estimated legal costs. Register names on title and register any mortgages.

Appraisal Fee

Cost for an appraiser to generate a report to confirm the current market value. This could be waived by the lender.

Property Inspection Fee (Est. $500)

Cost of Licensed Property Inspector to inspect the home.

Adjustments (Property Tax/Strata)

Adjustment based on repaying the seller for any strata or property taxes they have prepaid, if applicable.

Title Insurance

Insurance offered by Title Companies to protect a landowner, and thus the mortgage lender against any ‘clouds’ or legal questions on the title to the real estate, or of legal priority of the mortgagee.

Moving Costs

Property Insurance

Total Closing Costs

Equity After Closing Costs