Manual calculation to estimate net proceeds from the sale of your home are described below (skip to our net cash calculator to have the math done automatically for as many times as you'd like).
Start with the purchase price, and subtract amounts you will have to pay at or before the closing. These amounts are grouped below as: - Known Costs
- Estimated Closing Costs
- Other Potential costs
On the right, are typical amounts based on a $100,000 house.
Start with the estimated sales price:
$100,000
Known Costs. These are, by far, the largest costs. Your mortgage holder can tell you the amount needed to pay off the mortgage, plus any prepayment penalty.
Amount to pay off present mortgage
$81,000
Real estate commissions
3,500
Prepayment penalty on mortgage (if any):
0
Unpaid property taxes (if any):
0
Subtotal
$84,500
-84,500
Estimated Closing Costs. The following fees are often paid by the Seller at Closing. A good estimate for this group is 1% to 1.5% of the purchase price.
(skip to our net cash calculator to have the math done automatically for as many times as you'd like).
Definitions & Clarifications
Amount to pay offpresent mortgage: Call your lender for the outstanding balance.
Your lender will tell you if there is a pre-payment penalty for paying off your mortgage early.
Real estate commission would be zero if you sold your home yourself, or as high as $7,000 if you listed your home with a full-service agent. Our estimate of $3,500 assumes:
You advertised the house yourself.
A real estate agent brought you a buyer.
You agreed to pay the agent 3.5% of the selling price
Unpaid Property Taxes depends on the time of year, and the date of the last tax payment. The full year's property tax is prorated so that the buyer pays taxes for the months he has title to the property. The seller must pay taxes for the months prior to transfer of the title.
Buyer's mortgage fee: This is typically 1% to 1.5% of the new mortgage amount, but can be higher. Many seller's limit this amount by writing the maximum they will pay into the sales contract (under special clauses).
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