What will I walk away with?
Sale price, minus what it costs to sell, minus what you still owe. Every figure below is editable — none of them are fixed.
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Worked through, at a 45% mortgage and 5% commission
The cost of selling is the middle column — commission, HST on it, the lawyer and the discharge. It lands close to 5.9% of the price at every level, because the largest part of it is a percentage.
| Sale price | Cost of selling | Mortgage payoff | You keep |
|---|---|---|---|
| $800,000 | $47,350 | $360,000 | $392,650 |
| $1,100,000 | $64,300 | $495,000 | $540,700 |
| $1,500,000 | $86,900 | $675,000 | $738,100 |
About that commission figure
It opens at 5% because a calculator has to open at something. It is not a standard rate, because there is no such thing — commission is agreed between you and a brokerage in the listing agreement, and it is one of the terms you are entitled to discuss before you sign. Change the field and watch what a half point is worth on your price; that number is the reason to have the conversation.
HST applies to the commission at 13%, not to the sale price. On a home that was your principal residence there is no HST on the sale itself.
What this does not include
- Capital gains tax. A principal residence is generally exempt, but the sale is still reported. A rental or a second property is a question for an accountant.
- A mortgage prepayment penalty. Breaking a fixed term early can cost thousands and the amount depends on your lender and your remaining term — put it in Other costs once they confirm it.
- Preparing the home. Staging, repairs and storage vary too much to guess at, and guessing would make this look precise when it is not.
- Property tax and utility adjustments. Small, and they depend on the closing date.
Rates verified 1 August 2026. An estimate for planning, not advice — your lawyer's statement of adjustments is the number that settles it, and Elixir Real Estate is not a law firm, a lender or a tax adviser.