1. What is the Texas House Sale Calculator?

The Texas House Sale Calculator helps homeowners estimate their net proceeds from selling a property in Texas by accounting for all major costs associated with the sale.

2. How Does the Calculator Work?

The calculator uses the following formula:

Where:

• Sale Price — The agreed-upon price for the property
• Commission — Real estate agent fees (typically 5-6% of sale price)
• Closing Costs — Various fees paid at closing (1-3% of sale price)
• Mortgage Payoff — Remaining balance on your mortgage

Explanation: This calculation gives you the actual amount you'll receive after all obligations are paid from the sale.

3. Importance of Net Proceeds Calculation

Details: Understanding your net proceeds helps with financial planning for your next home purchase, paying off debts, or other financial goals after selling your property.

4. Using the Calculator

Tips: Enter all amounts in dollars. For most accurate results, use actual figures from your sale contract and mortgage statement.

5. Frequently Asked Questions (FAQ)

Q1: What's included in Texas closing costs?
A: Typically includes title insurance, escrow fees, prorated property taxes, recording fees, and possibly transfer taxes.

Q2: How is real estate commission calculated in Texas?
A: Commission is negotiable but typically 5-6% of the sale price, split between buyer's and seller's agents.

Q3: Are there any Texas-specific tax considerations?
A: Texas has no state income tax, but capital gains tax may apply if the property wasn't your primary residence.

Q4: Should I estimate or use exact figures?
A: For planning, estimates are fine. For final calculations after sale, use exact figures from closing documents.

Q5: What if I have a home equity loan?
A: Include any second mortgage or home equity loan balances in the mortgage payoff amount.