Sellers often focus on the sale price. What matters is what you take home. This calculator walks through the main deductions on an Illinois seller's settlement statement.
Estimate your net proceeds
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All loans and lines of credit secured by the property.%
Enter the rate in your listing agreement.$
Your most recent full-year bill.$
Owner's title policy, closing fee and related charges. Edit to match your quote.$
Enter your quoted flat fee.$
Repair credits, HOA fees, water bill, etc.Estimate only. Property taxes in Illinois are paid a year in arrears, so sellers usually credit the buyer for taxes from January 1 through closing, estimated here at 100% of your last full-year bill (many contracts use a higher percentage), plus any unpaid prior installments, which you'd add under other costs. Transfer taxes use state, county and municipal rates reviewed in October 2026. Your settlement statement controls.
The deductions, explained
- Mortgage payoff: the lender's payoff letter includes interest through the closing date, so it's usually a bit more than your statement balance.
- Transfer taxes: sellers usually pay the state and county taxes, plus the municipal tax where the town assigns it to the seller. See the town-by-town requirements.
- Property tax credit: because Illinois taxes are paid in arrears, sellers credit buyers for the time they owned the home in the current year.
- Title charges: in the Chicago area, the seller customarily pays for the buyer's owner's title policy.
By Attorney Shara Kamal. General information for Chicago-area readers; not legal advice for a specific situation.