How to calculate net proceeds. The simplest way to calculate net proceeds is to deduct all of the seller's closing costs, expenses and the mortgage balance from the final sale price of the home. Generally, you can expect to pay between 7 percent and 10 percent of your home's value in fees.
What does buyer pay at closing Illinois?
In Illinois, the buyer usually pays the closing costs, which are around 3-4% of the home's price. The buyer pays for things like title insurance, fees to get the mortgage, and taxes. For example, with a $208,429 house, the buyer's closing costs are about $1,955 and the seller's closing costs are around $4,538.
What is the seller's net after commission?
Net sale proceeds, or net to seller, are the estimated amount the seller earns in a home sale after deducting closing costs and realtor commission from sale price. Net sale proceeds do not typically include mortgage loan payoff and capital gains taxes.
How much are closing costs for a seller in Illinois?
Seller closing costs include all of the required fees for finalizing your Illinois home sale. In Illinois, you'll pay about 3.05% of your home's final sale price in closing costs. This doesn't include realtor fees. Remember that this number is an estimate, and may differ based on your unique situation.
What is the formula for cash proceeds from sale?
Proceeds refers to the cash received from the sale of goods or assets during a particular period. The total is obtained by multiplying the quantities sold by the selling price per unit.
How do you calculate how much I'll make from selling my house?
This, and not the mortgage balance at the time of sale, determine the profit you make from selling your home. The mortgage balance doesn't include refinancing or a down payment. To determine your profits, subtract the selling expenses and the house's original purchase price from your sale price.