Estimate your property's appraised value using sales comparison and income approaches, just like professional appraisers.
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Positive = better than comps
Pool, garage, extra bed/bath
The Chen family is buying a $340,000 home in Columbus, Ohio. Combined income $115,000, 10% down payment, 30-year fixed at 7.125%.
Takeaway: Columbus/Franklin County averages are the reference baseline. Property tax rates and insurance premiums shift significantly by ZIP code and HOA status. Plug your actual numbers in above.
We default to state-average millage rates. County and municipal rates vary 40%+ within a single state. Ohio ranges from 0.8% (rural counties) to 2.4% (Cuyahoga/Cleveland area). Always cross-check your specific county assessor's published effective rate.
Property Tax by StateHomeowner association fees add $100-$800/month in condos and planned communities. Condos in urban markets often run $400-$700/month. If your property has HOA, add it manually to any payment estimate — it directly affects your debt-to-income ratio for loan qualification.
HOA Fee CalculatorClosing costs typically run 2-5% of the loan amount — around $6,000-$15,000 on a $300K home. Lender fees, title insurance, escrow, and prepaid taxes add up fast. These are due at closing in cash, not rolled into the mortgage by default.
Closing Costs CalculatorPrivate mortgage insurance (PMI) costs 0.5-1.5% of the loan annually until you reach 20% equity. On a $300K loan at 1%, that's $250/month. PMI cancels automatically at 78% LTV under federal law — but you can request removal at 80%.
National home price appreciation has averaged ~4% annually since 1968, but markets diverge dramatically. Sun Belt metros averaged 10%+ during 2020-2022; coastal markets often lag the national average during correction cycles. Local supply constraints are the main driver.
If you've lived in the home 2 of the last 5 years, you can exclude $250K (single) or $500K (married) of gain from federal capital gains tax. Many calculators show gross profit without applying this exclusion. Relevant when projecting sale proceeds.
Home Sale Capital Gains CalculatorBased on your inputs
$212/sq ft average
70% comps + 30% income
| Subject Property Sq Ft | 1,800 sq ft |
|---|---|
| Average Comparable $/sq ft | $212 |
| Base Value (Comps) | $381,000 |
| Condition Adjustment | +$0 |
| Lot/Location Adjustment | +$0 |
| Feature Adjustments | +$0 |
| Sales Comparison Value | $381,000 |
| Income Approach Value | $280,000 |
| Blended Estimate (70/30) | $350,700 |
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Appraisers primarily use three approaches: (1) Sales Comparison — adjust recent comparable sales for differences in size, condition, features. (2) Income Approach — for rentals, NOI ÷ cap rate. (3) Cost Approach — land value + depreciated replacement cost. Residential appraisals weight sales comparison most heavily.
Key factors: square footage, lot size, bedroom/bathroom count, condition, age, location, recent comparable sales (comps), upgrades (kitchen, baths), garage, pool, and market trends. Location is the single biggest factor.
Automated estimates (Zillow Zestimate, etc.) have median errors of 2–7% in active markets and can be off by 10–20% in slower or unique markets. A licensed appraisal is the most accurate method, typically costing $400–$700.
Price per sq ft = Sale price ÷ Living area sq ft. It normalizes for size. Compare price/sq ft of your home to comps to estimate a quick value. Adjust for condition, location, and features.
A standard single-family home appraisal costs $400-$700. Complex properties, large homes, or rural locations cost $600-$1,200. FHA appraisals cost $50-$100 more. Lenders order the appraisal and the buyer typically pays the fee at closing.
If the appraisal is below the purchase price, you can renegotiate the price, cover the gap with extra cash, request a reconsideration of value with additional comparable sales, or walk away if your contract has an appraisal contingency.
Complete minor repairs, ensure all systems work, clean thoroughly, and provide a list of improvements with costs. Prepare comparable sales data showing recent nearby sales. Fix obvious issues like leaky faucets, broken windows, and peeling paint.
An appraisal determines market value for the lender. A home inspection identifies structural and mechanical defects for the buyer. Appraisers note obvious issues but do not test systems, enter crawl spaces, or provide repair cost estimates.
Conventional loan appraisals are valid for 120 days. FHA appraisals are valid for 180 days. After expiration, a new appraisal or an appraisal update is required. Market conditions can change significantly within these timeframes.
File a reconsideration of value with your lender, providing comparable sales the appraiser may have missed and documentation of recent upgrades. Include photos, receipts, and MLS data for better comps. Your agent can help identify errors in the appraisal report.
Sales Comparison = Avg $/sq ft × Sq Ft + Adjustments
Income Value = NOI ÷ Cap Rate × 100
Blended = 70% Sales Comparison + 30% Income Approach
Every formula on this page traces to a federal agency, central bank, or peer-reviewed institution. We cite the rule-makers, not secondhand blogs.
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Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.