Please Share

How Much Can I Sell My House for?

Adding machine calculatorDo you know what's worse than not selling your house? Finding out the day before closing that you need to bring money to the closing because you didn't account for all of the payoffs and expenses. Happens every day. The home sale proceeds calculator will help determine how much the house should sell for. Simply enter your mortgage payoffs and expenses (including the transfer tax percentage) and the home-sale calculator will estimate the ideal list price from the closing costs. Pennsylvania sellers can use the Seller Closing Costs & Net Proceeds Calculator to estimate your net proceeds from a buyer's offer and calculate the counter offer to arrive at the desired net. Instructions are provided below for the use of this calculator. Great resource for the Realtor®, real estate agents, or the "for sale by owner" (FSBO). Please let me know if the calculator is out of date or you have an interest in this calculator - Email.

  List Price Calculator
  1. 1st Mortgage Payoff        
  2. 2nd Mortgage Payoff        
  3. Other Lien and Payoffs   < LIST PRICE  
  4. TOTAL PAYOFF      
  5. Transfer Tax Percentage      
  6. Mortgage Tax Percentage      
  7. Settlement Fees      
  8. Realty Commission      
  9. Commission (Flat Dollar Amount)      
  10. Pad the Sales Price By      
  11. TOTAL EXPENSES        
  12. Seller Desires To Net   < SELLER NET  
  1 Enter the 1st mortgage payoff. You should call your mortgage servicer for the payoff
  2 Enter the 2nd mortgage payoff (if any), again, call the mortgage servicer for the payoff
  3 Other liens & payoffs are wage tax, judgments, IRS liens, etc.
  4 TOTAL PAYOFF - Here's the total
  5 In Pennsylvania, we have a deed transfer tax (like many states). Think of deed transfer tax as sales tax on real estate. One percent is paid to the State of PA, and most local municipalities & school districts charge 1% jointly (i.e. 1/2% to school and 1/2% to the local government). In most areas of PA, the TOTAL deed transfer tax is 2%. By custom, the seller and buyer split the deed transfer tax. For example, 2% X $100,000 = $2,000. The buyer and seller will each pay $1,000. Enter "1" for one percent/ Be aware that some municipalities exceed the local 1 percent charge. Call the local tax collector for the exact transfer tax percentage.
  6 Other Tax Percentage - Some states charge an additional tax (i.e. mansion tax). Use this line if the seller incurs an additional tax percentage
  7 You will incur settlement fees. These fees may include deed preparation, settlement charges, tax certification, etc. The settlement fees will vary. $750 is a good guess. You should also contact the local municipality for dye test requirements, occupancy, and other charges unique to your municipality.
  8 If you are using a realty company to sell your house, enter the real estate commission percentage (no percent sign is required - just the number).
  9 If the real estate company is charging you a minimum or flat dollar commission, enter that amount on this line.
  11 Do you want as little cushion? Do you want to kick up the list price by some amount? If so, enter that amount on this line.
  12 After entering the various fees, the right column will calculate the ideal sales price to pay off the previous entries. Now enter your desired "net" in the Seller Desires to Net box, the costs will recalculate to arrive at the desired net.
    A final comment. Don't price your house too high. You may want to net a certain amount, but that doesn't mean a buyer will pay you your price. Good Luck!