One of the most important questions consumers will ask themselves is "how much money the sale of their home will yield?" That is largely dependent on two things: the amount you still owe on the home and what you will have to pay your realtor for selling the home. If you have a second mortgage, or home equity loan, on the property, you will have to pay that off when you sell the home. When you sell a home, you will also have to pay interest on your outstanding mortgage balance from the date of your last payment until the time of the sale. You are also liable for property taxes up until the day you sell the home. At times, seller's have additional expenses. Local governments will often require that you pay a transfer tax when the home is sold. Incidental closing costs may also nibble away at your proceeds.
Proceeds from Sale of a Home
Proceeds from Sale of a Home
Sale Price |
Payment Obligations |
Seller Proceeds |
|---|---|---|
| $ 250,000 | $ 199,832 | $ 50,167 |
| Mortgage Payoff | $ 175,000 |
|---|---|
| Interest Paid | $ 70 |
| Realtor Commission | $ 15,000 |
| Property Taxes | $ 6,512 |
| Transfer Taxes | $ 2,500 |
| Closing Fees | $ 750 |
| Seller Proceeds | $ 50,167 |
This calculator is intended for informational purposes only and is considered an estimate. The accuracy of this calculator is not guaranteed by General Electric Credit Union (GECU). The calculator and its results do not constitute the advice of, or reflect actual products, services, rates, and/or terms available. Nothing contained in the calculator shall constitute an offer or solicitation of a product or service by GECU. This calculator is not intended to offer any tax, legal, financial, or investment advice. Please consult with qualified advisors to discuss your specific needs.