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Estimate your one-time closing costs and total cash required before possession.
How This Is Calculated
1) Land Transfer Tax = Purchase Price x Tax Rate
2) Transfer Tax = $550,000 x 1% = $5,500
3) Total Closing Costs = Transfer Tax + Legal + Inspection + Appraisal + Title Insurance + Moving
4) Total Closing Costs = $5,500 + $1,800 + $600 + $450 + $450 + $1,500 = $10,300
5) Total Cash Required = Down Payment + Total Closing Costs = $110,000 + $10,300 = $120,300