Proceeds from Sale of a Home
How much will you profit?
The amount of money you put in your pocket after selling your home depends on how much 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'll have to pay that off when you sell the home. Plus, you'll have to pay interest on your outstanding mortgage balance from the date of your last payment until the date of the sale.
You're also liable for property taxes up until the day you sell the home. At times, sellers have additional expenses. Local governments will often require that you pay a transfer tax when the home is sold, and incidental closing costs may also chip away at your profits. Use this calculator to run the numbers.