Home Sale Calculator

Q: How much commission do sellers pay?

Commission rates are negotiable. A common rate is around 5% of the sale price, split between the listing and buyer agents.

Calculate Your Net Proceeds

Enter your home details below to see an itemized breakdown of your estimated costs and net proceeds from the sale.

Expected Sale Price ($)

Remaining Mortgage Balance ($)

Commission Rate (%)

Estimated Closing Costs ($)

Repairs & Seller Credits ($)

Your Estimated Net Proceeds

Sale Price $0

Mortgage Payoff -$0

Agent Commission -$0

Closing Costs -$0

Repairs & Credits -$0

Estimated Net Proceeds $0

This is an estimate. Actual proceeds may vary. Get a personalized net sheet.

Cost Breakdown

Understanding Your Selling Costs

Every dollar matters when selling your home. Here is what each cost category covers and how it is calculated.

Agent Commission

Commission compensates both the listing agent and the buyer's agent for marketing your home, negotiating offers, and managing the transaction. It is typically a percentage of the final sale price and is paid at closing from the proceeds.

Mortgage Payoff

Your remaining loan balance must be paid in full at closing. This includes the principal balance plus any accrued interest up to the closing date. Contact your lender for an exact payoff amount, as it changes daily.

Closing Costs

Seller closing costs in Metro Detroit typically range from 1% to 3% of the sale price. They include title insurance, transfer taxes, recording fees, escrow fees, and prorated property taxes or HOA dues.

Repairs & Credits

After a home inspection, buyers may request repairs or ask for seller credits toward closing costs. Pre-listing repairs can reduce surprises. Budget a contingency for negotiated items that arise during the sale.

Transfer Taxes (Michigan)

Michigan charges a state transfer tax of $3.75 per $500 of sale price and a county transfer tax of $0.55 per $500. On a $350,000 home, that totals approximately $3,010. These are typically the seller's responsibility.

Metro Detroit Averages

In the Metro Detroit area, sellers should expect total costs (excluding mortgage payoff) between 7% and 9% of the sale price. This includes commission, transfer taxes, title insurance, and miscellaneous fees.

Common Questions

Frequently Asked Questions

What are typical closing costs when selling a home in Michigan?

In Metro Detroit, seller closing costs typically range from 1% to 3% of the sale price, not including agent commission. The largest components are Michigan state transfer tax ($7.50 per $1,000 of sale price), county transfer tax ($1.10 per $1,000), title insurance (approximately 0.5% of sale price), and various recording and administrative fees.

How much commission do sellers pay when selling a house?

Commission rates are negotiable between you and your listing agent. A common total commission is around 5% of the sale price, which is typically split between the listing agent and the buyer's agent. This is paid at closing from your sale proceeds and is your largest single selling cost.

Can I reduce my selling costs?

Some costs like transfer taxes are fixed by law, but others can be managed. Completing repairs before listing can reduce buyer credit requests. Pricing your home correctly from the start avoids price reductions. Working with an experienced agent can help negotiate favorable terms and minimize unnecessary expenses.

How accurate is this home sale calculator?

This calculator provides a reliable estimate based on the figures you enter. Actual closing costs can vary based on your specific situation, title company fees, and negotiated terms. For a precise net sheet tailored to your property, contact Daryl Wizinsky for a personalized analysis.

When do I receive my proceeds after selling?

In Michigan, sellers typically receive their net proceeds within 1 to 3 business days after closing. Funds are disbursed by the title company once the deed is recorded. You can choose to receive funds via wire transfer or cashier's check. Wire transfers are usually faster.