DOWN PAYMENT Calculator

DOWN PAYMENT & CLOSING COSTS CALCULATOR

Buying, selling, or doing both at once? Before you make an offer, it helps to know how much cash you will actually need on closing day. Add up your down payment, BC property transfer tax and closing costs, see what your current home nets after realtor’s fees, mortgage payouts and penalties, and find out whether your sale covers your next purchase.

This calculator provides estimates only and is not a mortgage pre-approval tool. For accurate pre-approval amounts and rates tailored to your circumstances, please contact our team.

Dave Browne, founding partner and licensed mortgage broker at Browne Mortgage
Down payment & closing costs

How Much Cash Will You Need?

Add up the down payment, BC property transfer tax and closing costs, see what your sale nets after fees and payouts, or both at once.

Your purchase
Include GST if the home is newly built.
20.0%
You and the home
The tests differ: BC’s transfer tax exemption requires never having owned a principal residence; the federal 30-year and GST rules look at the last four years.
With 20% or more down, 30 years may also be available.
1% of the purchase price, at least $2,000. Type your own figure to override.

The breakdown

Every line, in the order it comes off.

Cash to close your purchase
Down payment$180,000
Property transfer tax$16,000
Closing costs$9,000
Total cash needed$205,000
Your mortgage (25-year amortization)
Mortgage (price less down payment)$720,000
Total mortgage$720,000

Closing costs usually run about 1% of the purchase price (at least $2,000): legal fees, your share of this year's property taxes, appraisal (+ GST), inspection, home insurance, and moving and set-up costs.

Property transfer tax is an estimate for a residential property. BC allows one exemption per purchase, so the larger one is used. First-time buyers pay no tax on the first $500,000 of a home up to $835,000, phased out by $860,000. Newly built homes pay none up to $1,100,000, phased out by $1,150,000. Confirm the tax and your eligibility with your lawyer or notary.

Mortgage insurance is required under 20% down: 4.00% of the mortgage at 5% to 9.99% down, 3.10% at 10% to 14.99%, and 2.80% at 15% to 19.99%, plus 0.20 points for an insured 30-year amortization. It is charged on the mortgage before the premium, then added to it.

For information only, as a guideline to the approximate cash and mortgage needed to complete a purchase, based on the figures you enter and standard fees and taxes. Actual amounts may vary; confirm them with your lawyer or notary and a licensed mortgage professional. Not a commitment to lend.

Helping You Every Step Of The Way!

At Browne Mortgage, we know that finding the right mortgage can feel overwhelming—that’s where we come in.

With over 20 years of industry expertise, our dedicated team of experienced mortgage brokers is here to guide you every step of the way. Rooted in the Fraser Valley, our strong family ties to real estate and trusted relationships with realtors, banks, and lenders give us a unique edge in securing the best rates available. Our goal is to provide expert advice, help you get approved quickly, and make the entire process as smooth and stress-free as possible. Let us help you find the perfect mortgage solution.

Dave Browne standing in front of the Browne Mortgage values wall
Jordi Browne laughing at his laptop in the Browne Mortgage office