If you are considering selling your current home, buying something smaller, moving closer to family, or simplifying your monthly expenses, this calculator can help you think through the financial side of downsizing before you make a decision.
Enter your estimated home value, mortgage balance, selling costs, possible new home price, and monthly expense changes to see how downsizing could affect your equity, monthly budget, and next-step options.
Compare your options: Downsize & Buy vs. Sell & Rent
Your existing home details
Typically 1% to 4% of home value
Your downsized home details
Texas average: 1.6% to 2.5% of home value
Typically 1% to 4% of home value
If checked, you may qualify for tax-free gains (up to $250k single / $500k married filing jointly)
Typically 4% to 6% for agent fees in Texas + 1% to 3% seller costs
Typically 1% to 3% of purchase price
How much you'll save each year by downsizing
This is the difference between your current annual costs and new annual costs (mortgage + property tax + maintenance + insurance)
Typically 6% to 7% (expected annual return if you invest your monthly/annual savings)
This includes your leftover cash after purchase plus your annual savings invested at 7% return
If you are thinking about downsizing in Sachse, Wylie, Rowlett, Rockwall, Murphy, or the surrounding DFW area, Craig and Kim can help you estimate your home value, review likely selling costs, and compare your next-step options.