Calculator · Windsor-Essex owners
Equity in your Windsor-Essex home
This page isn't the net sheet.
A printed browser page loses the layout and carries none of the identification a document about your money should have. The real one is a single branded page prepared by Harjeet Singh, REALTOR® · Jump Realty, and it takes about twenty seconds to get.
Go to searchwindsorhomes.ca/calculators/home-equity and choose Get the PDF.
Or just ask: 226-350-1711 · harjeet.singh@jumprealty.ca
Commission is negotiable and is not set by any real estate board or association. The default here is a commonly seen total split between both sides; yours is whatever you agree in writing. HST applies to it and is shown separately below.
Your mortgage and the penalty to break it$3,593
On a fixed mortgage the lender charges the greater of three months' interest and the interest rate differential — the gap between your rate and what they could re-lend at, over the months you have left. The IRD is the one that gets big: a high contract rate with years remaining can run to five figures. Lenders differ on whether they compare against posted or discounted rates, which can double it, so treat this as an order of magnitude and ask your lender for the exact figure in writing. Most will quote it the same day.
Getting it sold, and getting out$3,800 total
Costs some sales incurNone yet
All zero to start. A net sheet that pre-loads costs you haven't agreed to is worse than one that leaves them out — fill in only what applies.
The most commonly missed line on a net sheet. A conditional offer usually comes back with something, and it is settled as money off the price or a credit on closing rather than work you do.
Interest for the gap between closing on this home and closing on the next one, plus the lender's setup fee. Only applies if you are buying and the dates don't match.
Ontario caps what the corporation may charge at $100, taxes included, and the seller normally pays it. Freehold sellers leave this at zero.
If the buyer wants the unit for their own use, the N12 notice obliges you to compensate the tenant one month's rent. You also hand the last month's rent deposit, plus the interest owed on it, to the buyer on closing. Both land on the seller and both surprise people.
Money coming back to youNone yet
The one line here that moves in your favour. If you have prepaid property tax or utilities past your closing date, the buyer reimburses you for the rest of the period — so it is added, not deducted. Your lawyer calculates it exactly on the statement of adjustments; it swings hardest on a late-year closing, and if you are in arrears instead it goes the other way.
Does either of these apply to you?
Not sure what it's worth?
This calculator is only as good as the value you put in. A valuation built from what comparable Windsor-Essex homes are actually listed at will get you a defensible number.
Get a valuation$164,358
Estimated cash to you on closing
Your equity today is $200,000 — 40% of the home's value. Selling costs $35,643 of it.
If you sold at this value
- Sale price
- $500,000
- Mortgage payout
- −$300,000
- Commission at 5.00%
- −$25,000
- HST on commission (13%)
- −$3,250
- Prepayment charge (three months' interest)
- −$3,593
- Moving
- −$2,000
- Legal fees and discharge
- −$1,800
- Estimated net proceeds
- $164,358
Commission is a service, so it attracts HST. It is not optional and it is not included in the rate you negotiate.
The standard charge on a variable-rate mortgage, and the floor on a fixed one. Get the exact figure from your lender in writing.
Covers what a Windsor-Essex sale normally costs, but only what you have filled in — the situational lines start at zero. Still not modelled anywhere here: capital gains tax, and HST where the sale is of a newly built, substantially renovated, rental or commercial property. Both turn on facts this form does not ask for, so they are flagged rather than guessed at.
Take this away as a PDF
A one-page seller net sheet with every line above, laid out the way your lawyer and your lender will want to see it. Harjeet prepares it, so he needs to know who it's for.
Borrowing against it instead
- Refinance room (to 80% LTV)
- $100,000
- HELOC room (to 65% LTV)
- $25,000
- Loan-to-value ratio today
- 60%
Lenders will generally advance up to 80% of value across all debt secured by the home. Approval still depends on income and credit — this is the ceiling, not a pre-approval.
A revolving line is separately capped at 65% of value. A combined mortgage-plus-HELOC product can reach 80% in total.
Refinancing mid-term generally triggers the same prepayment charge as selling — $3,593 above — unless you stay with the same lender, who may blend the rate instead.
Equity on paper is not cash in hand. Accessing it means either borrowing (and paying interest, with an approval that depends on income and credit, not just the ceiling shown here) or selling (and paying commission, legal fees, and possibly a mortgage prepayment charge). The two columns above show both routes because the gap between them is the whole point.
About the prepayment charge. Breaking a closed mortgage mid-term costs either three months' interest or an interest-rate differential, whichever is greater. The three-month figure is arithmetic and the estimate above is exact. The IRD is not: lenders differ on whether they compare your rate against posted or discounted rates for the remaining term, and that choice alone can double the charge. Treat the number above as an order of magnitude, and ask your lender for the exact figure in writing before you list. Most will quote it the same day, and it is free to ask.
HST on commission is not optional. Commission is a service, so 13% HST applies to it on top of whatever rate you agree. On a $500,000 sale at 5% that is roughly $3,250 that never appears in the rate anyone quotes you. It is a separate line above for that reason.
The value you enter drives everything. If it is a guess, so is the output — a valuation from comparable Windsor-Essex homes gives you something defensible to start from.
Estimates for general planning, not legal, tax, or financial advice. Lending ratios are common underwriting conventions, not guarantees of approval. A principal residence is generally exempt from capital gains tax in Canada; a rental or second property is not — confirm with your accountant.
Other calculators
Numbers are the easy part
What the calculator can't tell you is whether a specific home is worth what it's listed at. Tell Harjeet what you're looking for and he'll send a list of homes that actually match, kept current as listings come and go.
Harjeet Singh, REALTOR® · Jump Realty