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Sell My Home Calculator

Home Sale Proceeds Formula:

\[ Proceeds = Sale\ Price - Closing\ Costs - Mortgage\ Payoff \]

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1. What is the Home Sale Proceeds Calculation?

The home sale proceeds calculation determines the net amount you'll receive after selling your property by accounting for all costs and obligations associated with the sale.

2. How Does the Calculator Work?

The calculator uses the simple formula:

\[ Proceeds = Sale\ Price - Closing\ Costs - Mortgage\ Payoff \]

Where:

Explanation: This calculation gives you the actual amount you'll walk away with after selling your home.

3. Importance of Calculating Net Proceeds

Details: Knowing your net proceeds helps in financial planning for your next home purchase, understanding tax implications, and making informed decisions about whether to sell.

4. Using the Calculator

Tips: Enter the sale price of your home, estimated closing costs (ask your realtor for typical percentages), and your current mortgage payoff amount (available from your lender).

5. Frequently Asked Questions (FAQ)

Q1: What's included in closing costs?
A: Typically includes realtor commissions (5-6%), transfer taxes, title insurance, attorney fees, and other administrative costs.

Q2: How accurate is this calculator?
A: It provides a good estimate, but actual proceeds may vary based on final closing costs and any last-minute adjustments.

Q3: What if I have multiple mortgages?
A: Include all mortgage balances that need to be paid off from the sale proceeds in the mortgage payoff amount.

Q4: Are there tax implications?
A: Capital gains tax may apply if your profit exceeds $250,000 (single) or $500,000 (married). Consult a tax professional.

Q5: What if my proceeds are negative?
A: This means you owe money after the sale, which can happen if your mortgage balance exceeds the sale price minus costs.

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