Home Sale Calculator in Virginia

How Much Will I Make Selling My House in Virginia?

Your Closing Cost Summary

This calculator is not intended to replace a professional estimate.

Your Estimated Home Sale Proceeds

  • Traditional Agent

    Via Houzeo

  • Home Sale Price

    $0

    $0

  • - Seller Agent Commission

    $NaN

    $01

  • - Buyer Agent Commission

    $NaN

    $NaN

  • - Fees & Taxes (view details)

    $1,200

    $1,200

  • - Mortgage Payoff

    $495,560

    $495,560

  • Cash to You

    $NaN

    $0

Start Your Free Houzeo Listing Now

1Cost of the popular Houzeo GOLD plan in Virginia

Your savings via Houzeo

$0

Closing Costs Worksheet

Detailed breakdown of your costs

  • Other Costs

    This category provides a comprehensive overview of the costs involved in getting your Taxes, fees, and prepaid costs as well as any other fees.

    At Closing

    Before Closing

  • E. Taxes & Other Government Fees

    $0

    $0

  • H. Other

    $450

    $750

    • Home Inspection Fee

      A seller is responsible for paying the repairs and damages like severe water damage or mold issues, replacing, missing or broken smoke detectors, and remedy building code violations, among other things.

      $0

      $750

    • Home Warranty Fee

      A home warranty is a service contract that, for a set period of time, covers the cost of maintaining household systems or appliances.

      $450

      $0

  • J. TOTAL CLOSING COSTS (Seller Paid)

    $450

    $750

    • Closing Costs Subtotals (E + H)

      $450

      $750

Sidebar Image WebP

Bobby V sold his Chicago home and saved $26,097 with Houzeo. You can too!

Start Your Free Listing Now

Home Sale Estimate Calculator in Virginia

A seller closing cost calculator can help you determine the final amount sellers have to pay when closing on their home sale in Virginia.

How to Calculate Net Proceeds From Your Home Sale in Virginia?

The home sale net proceeds calculator in Virginia works on the following formula:

Net Proceeds = Home Selling Price – (Real Estate Agent’s Commission + Mortgage Payoffs + Other Seller Closing Costs)

1. Estimated Home Sale Price

This is the target amount sellers expect to get when they sell their homes. Pricing a home requires research. Compare prices of homes in your neighborhood with a comparative market analysis, and consider Virginia’s current real estate market.

2. Mortgage Payoff

It is the remaining balance on the home loan. Reach out to your mortgage lender to get an exact amount, including interest rates and prepayment penalties.

3. Real Estate Agent Commissions

Sellers lose a big chunk of their house sale in real estate agent commissions. It’s usually 5% to 6% of the home sale price.

 

  • 3.1 Listing Agent (seller’s agent) Commission: The seller pays the listing agent a commission of 2.5% to 3% of the home sale price for their role in selling your home.
  • 3.2 Buyer Agent Commission: This is also usually borne by sellers and it is around 2.5% to 3% of your home selling price.

At Houzeo, we understand how much profit you can lose in real estate agent commissions. That’s why we offer Flat Fee MLS plans, allowing you to list your house on the MLS for a flat fee and save on the listing agent’s commission.

4. Other Seller Closing Costs

Apart from the remaining mortgage balance and real estate agent commissions, seller closing costs in Virginia usually add up to 2% to 3% of the home sale price.

This is a breakdown of other seller closing costs:

 

  1. Seller Concessions or Seller Discounts:

A seller might offer discounts or credits to the buyer to speed up their home sale. Sometimes they even consider paying buyer closing costs, in part or full to sell their home quickly.

Approx Costs: Variable

 

  1. Home Transition Costs

2.1. Property Taxes: The seller pays property tax to the county or city based on the final sale price of their home.

Approx Costs: 0.82% of the home value.

 

2.2. Homeowners Association Fees: The seller pays this fee to manage and maintain their property if it comes under the HOA.

Approx Costs: $100 to $500 per month.

 

  1. Mortgage or Equity Loan Payouts

3.1 Mortgage: This is the loan sellers take to purchase their home or other real estate properties.

Approx Costs: Variable

 

3.2 Home Equity Loan: It is the loan sellers borrow against the ownership of their residence.

Approx Costs: Variable

 

3.3 Home Equity Line of Credit: This is a revolving credit line with variable interest rates and minimum payments.

Approx Costs: Variable

 

3.4 Accrued Interest: It is the total interest incurred until a specific date on the loan.

Approx Costs: Variable

 

3.5 Pre-payment Penalty: The lender charges this fee if the seller decides to pay off their mortgage early.

Approx Costs: Variable

 

  1. Repairs

4.1 Home Inspection Fee: The home inspector charges this fee to examine the condition of the property and identify defects.

Approx Costs: $325 to $400

 

4.2 Home Warranty Fee: It covers the cost of the breakdown of devices and appliances in the house.

Approx Costs: $20 to $70

 

4.3 Termite Inspection Fee: The seller pays for termite inspection to check the presence of wood-destroying insects.

Approx Costs: $65 to $75

 

  1. Administration Fees & Taxes

5.1 Attorney Fee: Sellers may have to pay this fee as some states require attorneys to act as closing or settlement agents.

Approx Costs: $200-$300 per hour.

 

5.2 Title Insurance: Seller pays for title insurance to protect the buyer if there is a defect relating to the ownership of the property.

Approx Costs: 0.5% to 1% of your home sale price.

 

5.3 Transfer Tax: This tax is levied when a property is transferred from one owner to another.

Approx Costs: Variable.

 

5.4 Escrow Fees: The escrow agency is paid a fee to either sign and record the documents or hold the funds until the transaction is completed.

Approx Costs: 1% to 2% of the home-selling price.

 

  1. Outstanding Expenses

6.1 Utility Bills: A fee is paid for all the utility services such as electricity, water, gas, etc.

Approx Costs: Average of $2,000 annually.

 

6.2 Settlement Fee: This fee covers the settlement agent’s services to ensure a smooth transfer of home ownership to the buyer.

Approx Costs: $750 to $975.

 

6.3 Municipal Lien Search Costs: The fee the seller pays to track all unrecorded charges that can result in a lien.

Approx Costs: $100 to $125.

 

6.4 Documentary Stamps: This refers to the excise tax relating to the transfer of ownership of the property. It is paid by the seller.

Approx Costs:  $3.50 for every $1000 of the sale price.

 

6.5 HOA Estoppel Fee: If the property is under an HOA, the seller may be charged a fee to formulate an HOA estoppel letter.

Approx Costs: $100 to $500

 

This Home Sale Proceeds Calculator in Virginia is only for planning and educational purposes.

Disclaimer: All calculations and costs are estimates, and no express or implied warranty is made that all potential costs will be considered. The VA Seller Closing Cost Calculator is not intended to replace the services of a professional appraiser or financial planner. Before signing any legal document relating to the sale or purchase of a property, please consult a qualified attorney.

Frequently Asked Questions

Who pays closing costs in Virginia?
Do sellers pay closing costs in Virginia?
How much are seller closing costs in Virginia?
How much is a home inspection in Virginia?
What does the seller pay at closing in Virginia?
How do you calculate the seller's closing costs in Virginia?
Does Virginia have a real estate transfer tax?