Typically, closing costs can range from 1.5 to four per cent of the home's purchase price. These include legal and administrative fees that are payable at closing time. You can expect things like the home inspection fee, 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. Make sure you budget for closing costs. On a home priced at $500,000, the closing costs can range between $7,500 and $20,000.