This is your estimated total cost to sell your home.
Understanding the Costs of Selling Your Home
Selling a house involves more than just listing it and waiting for an offer. Several significant expenses come into play, and understanding these costs is crucial for accurately estimating your net proceeds. This calculator helps you get a clear picture of these expenses.
Breakdown of Selling Costs:
Real Estate Agent Commission: This is typically the largest expense. Commissions are paid to the agents representing both the buyer and the seller and are usually a percentage of the final sale price. The standard rate can vary by region but is often around 5% to 6%.
Closing Costs: These are fees associated with finalizing the sale. They can include title insurance, escrow fees, transfer taxes, recording fees, attorney fees, and sometimes buyer incentives or concessions. Closing costs generally range from 1% to 3% of the sale price, though this can fluctuate.
Outstanding Mortgage Balance: If you still have a mortgage on the property, you'll need to pay off the remaining balance at the time of closing. This is a principal amount, not a fee, but it directly impacts the cash you walk away with.
Other Estimated Costs: This category is flexible and can include expenses like pre-sale home repairs, professional staging, professional cleaning, moving expenses, storage fees, and any necessary permits or certifications.
How the Calculator Works:
Our calculator simplifies these costs into a few key inputs:
Sale Price: The agreed-upon price at which your home will sell.
Real Estate Agent Commission (%): Enter the total commission percentage you expect to pay (e.g., 5 for 5%). This is calculated as Sale Price * (Agent Commission Rate / 100).
Closing Costs (%): Enter the estimated percentage for all closing fees (e.g., 2 for 2%). This is calculated as Sale Price * (Closing Costs Rate / 100).
Outstanding Mortgage Balance ($): The exact amount owed on your current mortgage.
Other Estimated Costs ($): A sum for any additional expenses you anticipate.
The total estimated selling cost is the sum of these components:
Total Selling Costs = (Sale Price * Agent Commission Rate / 100) +
(Sale Price * Closing Costs Rate / 100) +
Outstanding Mortgage Balance +
Other Estimated Costs
Use Cases:
This calculator is invaluable for:
Home Sellers: To estimate the net profit from selling their home and budget accordingly.
Real Estate Investors: To quickly assess the profitability of a property sale.
Financial Planning: To understand the financial implications of a potential move or sale.
By inputting realistic figures, you can gain a more informed perspective on the financial outcome of selling your property.
function calculateSellingCosts() {
var salePrice = parseFloat(document.getElementById("salePrice").value);
var agentCommissionRate = parseFloat(document.getElementById("agentCommissionRate").value);
var closingCostsRate = parseFloat(document.getElementById("closingCostsRate").value);
var outstandingMortgage = parseFloat(document.getElementById("outstandingMortgage").value);
var otherCosts = parseFloat(document.getElementById("otherCosts").value);
var totalSellingCosts = 0;
if (isNaN(salePrice) || salePrice <= 0) {
alert("Please enter a valid Sale Price.");
return;
}
if (isNaN(agentCommissionRate) || agentCommissionRate < 0) {
agentCommissionRate = 0; // Assume 0 if invalid, or alert user. Here, setting to 0.
}
if (isNaN(closingCostsRate) || closingCostsRate < 0) {
closingCostsRate = 0; // Assume 0 if invalid, or alert user. Here, setting to 0.
}
if (isNaN(outstandingMortgage) || outstandingMortgage < 0) {
outstandingMortgage = 0; // Assume 0 if invalid, or alert user. Here, setting to 0.
}
if (isNaN(otherCosts) || otherCosts < 0) {
otherCosts = 0; // Assume 0 if invalid, or alert user. Here, setting to 0.
}
var agentCommissionAmount = salePrice * (agentCommissionRate / 100);
var closingCostsAmount = salePrice * (closingCostsRate / 100);
totalSellingCosts = agentCommissionAmount + closingCostsAmount + outstandingMortgage + otherCosts;
document.getElementById("result-value").innerText = "$" + totalSellingCosts.toFixed(2).replace(/\B(?=(\d{3})+(?!\d))/g, ",");
document.getElementById("result").style.display = "block";
}