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When calculating how much money you will have after a property sells, don’t forget to take into account closings costs, commissions and fees. A good rule of thumb is to deduct 10% of the listed price before subtracting the loan from the property. For example, if you list your property for $250,000 and you still owe the bank $100,000, you would calculate your proceeds as $125,000.
$250,000 - $25,000 (10%) = $225,000
- $100,000 (loans) = $125,000 in your pocket