How to Use the FL Seller Closing Cost Calculator
Selling a home in the Sunshine State involves various taxes, fees, and commissions that can significantly impact your bottom line. Use this fl seller closing cost calculator to estimate exactly how much cash you will walk away with after the sale is finalized. By entering your expected sale price and current mortgage balance, you can plan your next move with financial certainty.
To get the most accurate estimate, gather your latest mortgage statement and a basic understanding of your local real estate market commissions.
- Sale Price
- The total contract price you expect to receive from the buyer.
- Realtor Commission
- The total percentage paid to both the listing agent and the buyer's agent (typically 5% to 6% in Florida).
- Mortgage Payoff
- The remaining balance on your existing home loan, including any interest accrued until the closing date.
- Other Fees
- Estimates for title insurance, settlement fees, recording fees, and property tax prorations.
How Florida Seller Closing Costs are Calculated
When you sell property in Florida, the state mandates specific transfer taxes. The most significant of these is the Documentary Stamp Tax on the deed. The formula used for standard Florida counties is:
Doc Stamp Tax = (Sale Price / 100) * $0.70
For example, if you sell a home for $300,000 in Orlando (Orange County), your Doc Stamp tax would be $2,100. However, in Miami-Dade County, the rate is $0.60 per $100 for single-family residences, which is why our fl seller closing cost calculator includes a specific toggle for county type.
- Agent Commissions: Usually the largest expense, calculated as a flat percentage of the gross sale price.
- Title Insurance: While negotiable, it is customary in many Florida counties for the seller to pay for the owner's title insurance policy.
- Property Taxes: Florida taxes are paid in arrears. You will owe the buyer a credit for the portion of the year you lived in the home.
Calculation Example
Example: Selling a $450,000 home in Tampa (Hillsborough County)
Step-by-step solution:
- Sale Price: $450,000
- Commission (6%): $450,000 * 0.06 = $27,000
- FL Doc Stamps: ($450,000 / 100) * 0.70 = $3,150
- Estimated Title & Settlement: $2,200
- Mortgage Payoff: $300,000
- Total Deductions: $27,000 + $3,150 + $2,200 + $300,000 = $332,350
- Net Proceeds: $450,000 – $332,350 = $117,650
Common Questions
Who pays for title insurance in Florida?
In Florida, the party who pays for title insurance varies by county. In counties like Palm Beach, Broward, Miami-Dade, and Sarasota, the buyer usually pays. In most other counties, such as Orange, Hillsbrough, and Duval, the seller traditionally pays. This is always negotiable in the contract.
What are "Doc Stamps" on the deed?
Documentary stamp tax is an excise tax levied by the state of Florida on documents that transfer interest in Florida real property. It is a mandatory cost of selling real estate and is almost always paid by the seller at the time of recording the deed.
How does the fl seller closing cost calculator handle property tax prorations?
Because property taxes in Florida are paid at the end of the year, the seller must give the buyer a credit for the days they owned the property during the current tax year. For a simplified estimate, you can include this amount in the "Other Fees" section of the calculator.