Finally, Tomoyo kills Fuuko and is caught on the act by Tomoya, which leads her to commit suicide, not before telling Tomoya the truth behind everyone's death.
Shocked, Tomoya goes to Nagisa's room to tell her about Tomoyo and what she said, but Nagisa apparently already knew everything and was just playing dumb, as she's ready to commit suicide, feeling guilty that her love for Tomoya and her cowardice was the cause of everyone's death. Tomoya tells her that he's at fault too, and that she doesn't need to suffer alone, so they embrace each other in tears, at the same time they knife each other's chest and die. Before dying, Tomoya notices another ghost behind Nagisa, which is smilling.
Everything goes white, Tomoya wakes up confused, he doesn't remember a thing, but apparently he's still on the dorm, except it's empty now. He hears voices and looks through the window, to see himself and the girls at the dorm's gate, he's confused and panics when his other self looks towards him. Yeah, that's right, he's a ghost now, and that ghost Tomoya was seeing when alive was actually his future-ghostly-self. Tomoya's ghost keeps wandering through the house, as the same events that lead to his death unfold again. He's present at every girl's death and regains a little of his memory back with each one. Finally he remembers everything by the time Tomoyo dies (again), he runs to Nagisa's room (along with his living self), and behind living Nagisa is Nagisa's ghost, which looks at Tomoya with tears in her eyes, happy to be reunited again. They embrace each other at the same time their living counterparts do, except instead of dying again, the ghosts of all the other girls suddenly appear and surround them in a "CONGRATULATIONS!" fashion.
And then I woke up.