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Bridge Loan

Bridge loan
$151,475
Total cost
$1,473
Per day
$35
Days
42
Rate
%

Total bridge cost

$1,473

Bridge amount$151,475
Days42
Per day$35
Interest$1,473
Fees$0
Monthly payment$0
They keep after sale$139,552
August 14September 25
Owns both homes · 42 days

Buying

Purchase price
$
Closing date
Down payment
20.0% of $900,000
$
Deposit already paid
$
Land transfer tax
ON
$
14,475
In Toronto
First-time buyer
Lawyer on the purchase
$
Include these in the bridge
Land transfer tax and legal, $16,475 due on closing day
New mortgage
Price less the down payment
$

Selling

Sale price
$
Closing date
Mortgage payout
$
Realtor and legal on the sale
$37,500 of $750,000
%
Sale is firm
Sold and unconditional

How the bridge is figured

Down payment

$180,000

−

Deposit paid

$45,000

=

Bridge

$151,475

Bridge amount
Auto: $151,475
$
Prime rate
%
Spread over prime
%
Lender fee
$
Province

Prime 4.45% could not be refreshed, showing the last known value from 2026-03-18. Bridge rate is prime plus 4.00%.

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Hi there,

You take possession of your new home on August 14, 2026. Your current home sells on September 25, 2026. For 42 days, you own both homes at once.

A bridge loan covers the down payment for your new home, plus the land transfer tax and lawyer due on closing day, during those days. The day your current home sells, the loan is paid back from the sale. You make no monthly payments.

Here is what it looks like:

  • Bridge amount: $151,475 (down payment plus $16,475 of closing costs)
  • Cost: about $35 per day
  • Total cost for 42 days: about $1,473 in interest
  • Monthly payments: $0
  • What you keep after the sale: about $139,552

This is an estimate to help you plan. Your final numbers depend on a firm sale and your lender.

Estimate only. Interest is amount x rate x days / 365, repaid in one sum when the sale closes. Final approval, rate and fees depend on the lender.