Do I have to pay a set real estate commission?

No. Real estate commissions are fully negotiable and are not set by law or any association. This calculator lets you enter whatever rate applies to your situation.

What is a property tax proration credit in Illinois?

Illinois property taxes are paid in arrears, so at closing the seller typically credits the buyer for the taxes that accrued during the seller's ownership but haven't been billed yet. Depending on the closing date, this credit can be a significant amount, so it's important to include it in your estimate.

Free Seller Tool

Home Sale Net Proceeds Calculator

Q: How are home sale net proceeds calculated?

Net proceeds are your sale price minus your remaining mortgage payoff, agent commission, seller closing costs (title, attorney, recording), any municipal transfer taxes, your property-tax proration credit to the buyer, and any repairs or concessions. What's left is your estimated take-home.

The real question isn't just what your home is worth — it's what you'll actually walk away with. Adjust the numbers below for an instant estimate of your net proceeds.

Estimated sale price

Mortgage payoff balance

Agent commission (negotiable — not set by law)

Seller closing costs (title, attorney, recording)

Municipal transfer taxes (varies by town — see your area)

Property tax proration credit (IL taxes are paid in arrears)

Repairs / concessions (optional)

Your estimated net proceeds

Sale price$500,000

Mortgage payoff−$250,000

Agent commission−$25,000

Closing costs−$5,000

Transfer taxes−$0

Property tax proration−$0

Repairs / concessions−$0

Estimated net proceeds$220,000

Estimate only — not a guarantee or a formal net sheet. Actual proceeds depend on your contract, closing date, municipality, and title company. Commissions are negotiable and not set by law.

Get a precise net sheet from Chris

How It Works

Understanding your net proceeds

What gets subtracted from my sale price?

Your mortgage payoff, agent commission, seller closing costs (title, attorney, recording), any municipal transfer taxes, your Illinois property-tax proration credit, and any repairs or buyer concessions.

Is the commission rate fixed?

No — commissions are fully negotiable and not set by law or any association. Enter whatever rate applies to your situation.

What's the property-tax proration credit?

Because Illinois taxes are paid in arrears, sellers usually credit the buyer at closing for taxes that accrued but aren't billed yet. Depending on your closing date, it can be a meaningful amount.

Do transfer taxes apply to me?

It depends on your municipality — some towns have a transfer tax, others don't, and who pays varies. Check your specific area, and I'll confirm the exact figures for your address.

The Full Picture

Want exact numbers for your home?

I'll prepare a precise, personalized net sheet based on your actual mortgage, your town's rules, and current market pricing — free and no obligation.

Get My Free Home Valuation

Prefer to talk? Call or text (773) 322-7614 or email chris@chrisgetsyousold.com