1. What is the Home Sale Proceeds Calculator?

The Home Sale Proceeds Calculator helps Texas homeowners estimate the net amount they'll receive from selling their home after accounting for sale costs and mortgage payoff.

2. How Does the Calculator Work?

The calculator uses a simple formula:

Where:

• Sale Price — The gross sale price of the home
• Costs — All associated selling costs (commissions, fees, repairs, etc.)
• Payoff — The amount needed to pay off the existing mortgage

Explanation: This calculation gives you the estimated net proceeds you'll receive from the sale after all obligations are met.

3. Importance of Calculating Proceeds

Details: Knowing your estimated proceeds helps with financial planning for your next home purchase, relocation costs, or other financial goals.

4. Using the Calculator

Tips: Enter the expected sale price of your home, all anticipated selling costs, and your current mortgage payoff amount. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What costs should I include?
A: Include realtor commissions (typically 5-6%), closing costs, repair credits, title fees, and any other expenses related to the sale.

Q2: How do I find my payoff amount?
A: Contact your mortgage lender for a payoff quote, which may be different from your current balance due to accrued interest.

Q3: Are there Texas-specific costs I should consider?
A: Texas has specific title insurance requirements and may have different transfer taxes compared to other states.

Q4: What if my proceeds are negative?
A: Negative proceeds mean you'll need to bring money to closing. This can happen if your mortgage balance plus costs exceed the sale price.

Q5: Are there tax implications?
A: In Texas, you may owe capital gains tax if your profit exceeds IRS exclusion limits ($250,000 single/$500,000 married).