Seller net proceeds
What will you walk away with?
Your estimated proceeds after the mortgage payout, commission and selling costs.
- Commission and HST
- Mortgage payout
- What you keep
Estimated net proceeds
$304,428
- Sale price
- $610,000
- Mortgage payout
- -$275,000
- Selling costs
- -$30,572
- You keep
- $304,428
Selling costs
- Commission
- $24,400
- HST on commission (13%)
- $3,172
- Mortgage prepayment penalty
- $0
- Lawyer, fees and disbursements
- $1,200
- Mortgage discharge fee
- $300
- Repairs and staging
- $0
- Moving
- $1,500
- Total selling costs
- $30,572
Your equity today: $335,000
Estimate only, not financial or tax advice. Commission is negotiable and set in your listing agreement; HST at 13%. Your lender confirms the payout and any penalty; your lawyer confirms the final adjustments.
Good to know.
Start with a real price.
Your proceeds depend most on the sale price. A valuation based on homes that actually sold near you gives you a realistic number to plan with.
Check your penalty.
Breaking a mortgage before its term ends usually costs three months of interest, or the interest rate differential on a fixed rate - which can be much more. Your lender can quote the exact amount, and some mortgages can be moved to your next home instead.
Your home, your profit.
The sale of your principal residence is generally free of capital gains tax in Canada. Rental and investment properties are different - talk to an accountant.