Amanda and Jeff just received the call that their offer of $325,000 was accepted on a Montreal dream home! They know money will be tight since it took all their savings for a 10% down payment. Costs are however adding up, which is making them nervous. The Canada Mortgage Housing Corporation (CMHC) mortgage loan insurance premium is 3.10% of the mortgage amount which they have decided to pay at the time of closing instead of adding it to their monthly mortgage. Other fees include a $450 appraisal fee, a $750 home inspection fee, $1,550 notary fees, land transfer tax (sometimes known as the "Welcome tax" or "Transfer duties" - see table below) and $850 for title insurance and homeowner's insurance of $1,000.