Selling Home Calculator

How to Use the Home Selling Cost Calculator

Using the Home Selling Cost Calculator can help you estimate the various costs associated with selling your home and determine the net proceeds you might expect. Follow these step-by-step instructions to make the most out of this tool.

Step 1: Enter the Estimated Home Value

Begin by entering the estimated value of your home. This value should be entered in the Home Value ($) field. Make sure the amount is between $1,000 and $100,000,000 to comply with the calculator’s input requirements.

Step 2: Input the Remaining Mortgage Balance

Next, input your remaining mortgage balance in the Remaining Mortgage Balance ($) field. This figure represents how much you still owe on your mortgage and should be between $0 and $100,000,000.

Step 3: Specify the Real Estate Commission Rate

Enter the real estate commission rate that you expect to pay in the Real Estate Commission Rate (%) field. Typically, this is between 5% to 6%, but you can enter any value between 0% and 10% at increments of 0.1%.

Step 4: Estimate Repairs and Improvements

Use the Repairs and Improvements ($) field to enter the total estimated cost of any repairs or improvements you plan to make before selling. This value should be a positive number.

Step 5: Select the Closing Costs Type

Choose the closing costs type from the available options in the Closing Costs Type dropdown list. Select ‘Low’, ‘Medium’, or ‘High’, which respectively correspond to 2%, 3%, or 4% of the sale price.

Step 6: Review the Calculated Results

Once all required fields are filled, the calculator will automatically compute the following results:

• Real Estate Commission: Displays the estimated commission in USD based on the entered percentage.
• Closing Costs: Shows the estimated closing costs as a percentage of the sale price.
• Total Selling Costs: Presents the total costs of selling the home, which include real estate commission, closing costs, and repairs.
• Estimated Net Proceeds: Calculates your estimated take-home amount after selling the home and settling the mortgage balance.
• Total Costs as Percentage of Sale Price: Offers an understanding of total selling costs in percentage terms compared to the home’s sale price.

By following these steps, you can effectively use the Home Selling Cost Calculator to gain a comprehensive understanding of your potential home selling expenses and net proceeds.