Home Sale Net Proceeds Calculator
Selling a home involves more than just agreeing on a sale price. To understand how much cash you'll actually walk away with, you need to account for various expenses and deductions. This Home Sale Net Proceeds Calculator helps you estimate the money you'll receive after all costs associated with selling your property are paid.
Understanding Your Home Sale Net Proceeds
When you sell your home, the "net proceeds" represent the actual cash you receive after all expenses related to the sale are deducted from the final sale price. This amount is crucial for budgeting your next steps, whether it's a down payment on a new home, investments, or other financial goals.
Key Factors Affecting Net Proceeds:
- Sale Price: This is the agreed-upon price for your home. It's the starting point for all calculations.
- Outstanding Mortgage Balance: If you have a mortgage, the remaining balance must be paid off at closing. This is often the largest deduction.
- Real Estate Agent Commissions: Typically, the seller pays commissions for both their own agent and the buyer's agent. These are usually a percentage of the sale price.
- Seller's Closing Costs: These can include various fees such as title insurance, escrow fees, attorney fees, recording fees, and transfer taxes. These vary significantly by location.
- Seller Concessions: Sometimes, sellers agree to pay for a portion of the buyer's closing costs or offer credits for repairs to facilitate the sale.
- Prorated Property Taxes and HOA Fees: Depending on when you close, you may owe a prorated amount of property taxes or homeowner association (HOA) fees for the period you owned the home up to the closing date.
- Pre-Closing Repair Costs: Any money you spend on repairs or improvements specifically to prepare the home for sale or address inspection issues will reduce your net proceeds.
Example Calculation:
Let's say you sell your home for $400,000. You have an outstanding mortgage balance of $250,000. Both your agent and the buyer's agent charge a 2.5% commission each. Your seller's closing costs amount to $8,000, and you agreed to $2,000 in seller concessions to the buyer. Additionally, you owe $1,500 in prorated property taxes and $300 in HOA fees, and you spent $1,000 on pre-closing repairs.
- Sale Price: $400,000
- Mortgage Payoff: -$250,000
- Seller's Agent Commission (2.5% of $400,000): -$10,000
- Buyer's Agent Commission (2.5% of $400,000): -$10,000
- Seller's Closing Costs: -$8,000
- Seller Concessions: -$2,000
- Property Taxes Due: -$1,500
- HOA Fees Due: -$300
- Pre-Closing Repair Costs: -$1,000
Total Net Proceeds: $400,000 – $250,000 – $10,000 – $10,000 – $8,000 – $2,000 – $1,500 – $300 – $1,000 = $117,200
This calculator provides an estimate. Actual net proceeds can vary based on final closing adjustments and unforeseen expenses. Always consult with your real estate agent and closing attorney for precise figures.
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function calculateNetProceeds() {
var salePrice = parseFloat(document.getElementById('salePrice').value);
var mortgageBalance = parseFloat(document.getElementById('mortgageBalance').value);
var sellerAgentCommissionRate = parseFloat(document.getElementById('sellerAgentCommissionRate').value);
var buyerAgentCommissionRate = parseFloat(document.getElementById('buyerAgentCommissionRate').value);
var sellerClosingCosts = parseFloat(document.getElementById('sellerClosingCosts').value);
var sellerConcessions = parseFloat(document.getElementById('sellerConcessions').value);
var propertyTaxesDue = parseFloat(document.getElementById('propertyTaxesDue').value);
var hoaFeesDue = parseFloat(document.getElementById('hoaFeesDue').value);
var repairCosts = parseFloat(document.getElementById('repairCosts').value);
// Validate inputs
if (isNaN(salePrice) || salePrice < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter a valid Home Sale Price.';
return;
}
if (isNaN(mortgageBalance) || mortgageBalance < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter a valid Outstanding Mortgage Balance.';
return;
}
if (isNaN(sellerAgentCommissionRate) || sellerAgentCommissionRate < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter a valid Seller\'s Agent Commission Rate.';
return;
}
if (isNaN(buyerAgentCommissionRate) || buyerAgentCommissionRate < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter a valid Buyer\'s Agent Commission Rate.';
return;
}
if (isNaN(sellerClosingCosts) || sellerClosingCosts < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter valid Seller\'s Closing Costs.';
return;
}
if (isNaN(sellerConcessions) || sellerConcessions < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter valid Seller Concessions.';
return;
}
if (isNaN(propertyTaxesDue) || propertyTaxesDue < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter valid Estimated Property Taxes Due.';
return;
}
if (isNaN(hoaFeesDue) || hoaFeesDue < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter valid Estimated HOA Fees Due.';
return;
}
if (isNaN(repairCosts) || repairCosts < 0) {
document.getElementById('netProceedsResult').innerHTML = 'Please enter valid Pre-Closing Repair Costs.';
return;
}
// Calculate commissions
var sellerAgentCommission = salePrice * (sellerAgentCommissionRate / 100);
var buyerAgentCommission = salePrice * (buyerAgentCommissionRate / 100);
// Calculate total deductions
var totalDeductions = mortgageBalance + sellerAgentCommission + buyerAgentCommission +
sellerClosingCosts + sellerConcessions + propertyTaxesDue +
hoaFeesDue + repairCosts;
// Calculate net proceeds
var netProceeds = salePrice – totalDeductions;
// Display the result
document.getElementById('netProceedsResult').innerHTML =
'
Estimated Net Proceeds: $' + netProceeds.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + '';
}