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Sale price is the headline. This is the number that reaches your account — after commission, tax on it, legal fees and paying off what's left of your mortgage.
Estimated net proceeds
$729,850
Don't forget the HST.It's charged on the commission, which makes it $7,800 on this sale — one of the most commonly overlooked lines on a statement of adjustments.
If you're breaking a fixed-rate mortgage before the end of its term, your lender may charge a prepayment penalty — sometimes several months' interest, sometimes an interest rate differential that runs into thousands. Ask them for the exact figure and add it under “other costs”; it's too variable to estimate honestly here.
If the home has been your principal residence for every year you owned it, the gain is generally exempt. Rental properties, cottages and homes that were only sometimes your residence are a different matter — and that's a question for an accountant, not a calculator.
Your net proceeds become the down payment on the next place — but the two closings rarely land on the same day, and bridge financing covers the gap. Work out what the proceeds actually buy with the affordability calculator.
Every cost above is a rounding error next to getting the list price right. Too high and you sit; too low and you leave money on the table. That's the part worth spending time on — start with a free valuation.
An estimate, not advice
These figures are calculated from published government and insurer rules and are for general guidance only. They are not a mortgage approval, a quote, or legal, tax or financial advice. Lenders apply their own qualifying policies, and your own circumstances will change the result — confirm anything you plan to rely on with your mortgage professional and your real estate lawyer before you commit to a purchase or a sale. Rates, tax brackets and insurance premiums change without notice.
Statutory figures current as of . Questions about your own numbers? Ask me directly or call 416-998-1882.
