A tool exists that provides an estimate of the funds remaining after a home sale. It factors in various costs associated with the transaction, such as mortgage payoffs, closing costs, and real estate agent commissions. The output is a projected net profit from the sale. For instance, an individual selling a home for $500,000, with a $200,000 mortgage balance, $30,000 in estimated closing costs and commissions, might use this tool to project approximately $270,000 in proceeds.
This type of calculation is important for sellers to understand their potential financial gains or losses before listing a property. Accurate projections assist in making informed decisions regarding pricing, negotiation, and overall financial planning. Historically, such calculations were performed manually or by real estate professionals; automated tools increase accessibility and speed for homeowners.
