What do you actually walk away with?
Sale price is not proceeds. This runs the Michigan numbers — transfer tax, owner's title policy, commission, payoff and tax proration — and shows the number that lands in your account.
Sale price is not proceeds. This runs the Michigan numbers — transfer tax, owner's title policy, commission, payoff and tax proration — and shows the number that lands in your account.
Every dollar between the sale price and your proceeds.
Proceeds are the down payment, but they are not the only cash the next closing needs — and you can't spend them until the day you sell. Set a price and see where you land.
Buyer closing costs and prepaids estimated at 3% of price — the real figure depends on the loan program, your taxes and insurance, and when in the year you close. What you can actually buy depends on income, debts, credit and program guidelines, not on proceeds alone. This is not a pre-approval or an offer of credit.
Not the net sheet — the timing. The down payment for your next house is sitting inside this one, and you don't get it until the day you close. There are more ways to bridge that gap than most people are told, and the time to pick one is before you list.
This is an estimate, not a settlement statement. Figures are illustrations based on the numbers entered above and on published Michigan rates. They are not a Closing Disclosure, an ALTA settlement statement, a title commitment, a payoff quote, or a guarantee of proceeds. Your title company and closing agent determine the final figures, and they will differ.
Where the numbers come from. State real estate transfer tax is $3.75 per $500 of value or part of it, and the county tax is $0.55 per $500 or part of it in Michigan counties under 2,000,000 population (both statutorily imposed on the seller). The owner's title policy default is estimated from a published Michigan basic owner's rate schedule and is a starting point only — actual premiums vary by underwriter, by endorsement, and by whether a reissue or short-term rate applies. Commission percentages are entered by you; commissions are fully negotiable and are not set by law or by any real estate association. Property tax proration follows Michigan's paid-in-advance convention, which varies by municipality and is governed by the purchase agreement.
Not tax or legal advice. Transfer tax exemptions, capital gains, and lien payoff questions depend on facts specific to you. Talk to your title company, CPA or attorney.
McKenney Home Lending is a licensed Michigan mortgage broker — a broker, not a lender. Company NMLS #2497854. Rob McKenney NMLS #23394. Licensed in Michigan only, and regulated by the Michigan Department of Insurance and Financial Services. 1911 Mystic Hills Drive, Milford, MI 48380. Office (810) 819-8686. Equal Housing Lender.