Closing costs will typically range from 1.5% to 4% of the home’s purchase price. These include things like legal and administrative fees, and are payable on closing. You can expect to pay for your home inspection, mortgage default insurance if you down payment is less than 20 per cent of the purchase price, the Land Transfer Taxes, lawyer fees, appraisal fee and property taxes, among other things. Make sure you budget for this! On a $500,000 home, closing costs can range from $7,500 to $20,000.