How much cash do I need on closing day? The down payment is only part of it. On top of the down payment you need land transfer tax, legal fees, title insurance, and the sales tax on the CMHC premium — all itemized below, every amount editable, so you can see exactly where the money goes.
How much cash do I need on closing day?
How closing costs work
Cash to close is everything you pay on closing day: the down payment plus all the closing costs. The biggest closing cost is usually land transfer tax, which is charged in marginal brackets on the price — in Toronto, both the provincial tax and the municipal tax. If your down payment is under 20%, you also pay provincial sales tax on the CMHC insurance premium: 8% in Ontario, 9% in Quebec for 2026, and 6% in Saskatchewan. The premium itself is not paid in cash — it is added to your mortgage. The rest is the cost of the transaction: legal fees, title insurance, a home inspection, an appraisal, a property tax adjustment for tax the seller has already paid, utility hookups, and moving.
As a rule of thumb, closing costs (without the down payment) usually run 1.5% to 4% of the price. This calculator compares your itemized total with that range so you can see whether your own numbers are in line — but the itemized figure is the one to plan around, because every purchase is different.
Assumptions
The default amounts for legal fees, title insurance, inspection, appraisal, tax adjustment, utility hookups and moving are typical ranges, not verified figures — they are labelled as such, and every one of them is editable. Only two components carry a 2026 verified line: the land transfer tax, which uses the same verified tables as the Land Transfer Tax Calculator, and the sales tax on the CMHC premium, which uses the verified provincial rates and applies only in Ontario, Quebec and Saskatchewan. This calculator assumes one mortgage with a CMHC premium when the down payment is under 20%, and the insured minimum down payment (5% of the first $500,000 plus 10% of the rest, or 20% at $1,500,000 or more). It does not include the cost of furniture, renovations, or mortgage default insurance on a second property.
Frequently asked questions
What is cash to close?
Cash to close is everything you pay on closing day: your down payment plus all the closing costs. The down payment is the largest part, but the rest still adds up to tens of thousands of dollars on a typical purchase, and it has to be in your lawyer's trust account on closing day.
Do I pay the CMHC premium in cash?
No. When your down payment is under 20%, the CMHC premium is added to your mortgage, so you pay it off over the life of the loan. Only the provincial sales tax on the premium is paid in cash on closing day.
Why is sales tax charged on the CMHC premium?
CMHC states that premiums in Quebec, Ontario and Saskatchewan are subject to provincial sales tax. The rates are 9% in Quebec for 2026, 8% in Ontario, and 6% in Saskatchewan. Manitoba is not on CMHC's list, so no PST is charged on the premium for a Manitoba purchase.
What is the 1.5% to 4% rule?
It is the usual rule of thumb that closing costs (without the down payment) run 1.5% to 4% of the purchase price. This calculator shows the range next to your itemized total so you can see whether your own numbers are in line — but the itemized figure is the one to plan around, because land transfer tax alone can be most of that range in Toronto and BC.
What if my province is not covered for land transfer tax?
Saskatchewan and Manitoba are not yet covered by the Land Transfer Tax Calculator, so this calculator cannot pull their tax for you. Enter your province's land transfer tax in the field that appears for those provinces and the rest of the estimate still works.
Methodology and sources
Methodology: Total cash to close equals the down payment, plus the net land transfer tax (from the same verified tables as the Land Transfer Tax Calculator, with first-time buyer relief applied), plus the provincial sales tax on the CMHC premium, plus each cost line you leave checked. The CMHC premium uses the published tiers: 4.00% of the loan above 90% loan-to-value, 3.10% from 85% to 90%, and 2.80% from 80% to 85%. PST on the premium is 8% in Ontario, 9% in Quebec for 2026, and 6% in Saskatchewan, and CMHC lists Quebec, Ontario and Saskatchewan as the provinces where the premium is subject to provincial sales tax. Check: an $800,000 Toronto first-time purchase carries the Land Transfer Tax Calculator net tax of $16,475 through unchanged (gross $24,950, relief $8,475). Sources: Ontario — Calculating Land Transfer Tax, City of Toronto — MLTT Rates and Fees, BC — Property Transfer Tax, City of Montreal — How Transfer Duties Are Calculated, CMHC — Mortgage Loan Insurance Cost.
2026 rules · Verified November 9, 2026
How we keep this calculator honest: Only the land transfer tax and the PST on the CMHC premium carry a 2026 verified line — both were checked against the official sources above. Every other default is labelled a typical range and is editable, and your lawyer's statement of adjustments is the final word on the day.
Your numbers never leave this page. This calculator runs entirely in your browser — nothing you enter is stored or sent anywhere.
General information only — not financial advice. Your lawyer will confirm the final cash to close from the statement of adjustments.
Related tools
Work out the tax on the purchase with the Land Transfer Tax Calculator, what you can borrow with the Mortgage Affordability Calculator, the monthly payment with the Canadian Mortgage Calculator, and the rent-or-buy comparison with the Rent vs Buy Calculator. Prefer reading? Browse the mortgage guides.