GNB vs House Net Proceeds Calculator

Start banking wherever you are with GNB! Available to all Great North Bank online banking customers, GNB allows you to check balances, make transfers, pay bills, manage payees, estimate loan payments, make deposits, view check images and find locations. Need to find a Branch or ATM closest to you? GNB will discover your location and provide you with addresses and phone numbers on the fly. Available features include: Accounts - Check your latest account balance and search recent transactions by date, amount, or check number. Transfers - Easily transfer cash between your accounts. Pay Bills -Easily pay bills anytime on the fly. -Add, edit and delete Payees Financial Calculator -Estimate loan payments Deposits -Deposit checks and view images All features may not be available in the tablet application.

House Net estimates the net proceeds you will receive from the sale of your home. This app is primarily for people who are selling their primary residence after owning and living in the house for at least 2 years. You enter the home sale price, original purchase price, cost of capital upgrades, realtor commission rate, and federal/state tax rates. You enter your mortgage payoff balance, HELOC balance, seller closing costs, any buyer incentives you are offering, and estimated moving costs. You answer questions to determine whether you qualify for the IRS Section 121 exclusion. The app calculates the IRS exclusion amount based on the inputs. Then the app calculates the gross profit for the sale and subtracts the IRS exclusion amount (if any) before the tax calculation. Then it calculates the federal capital gains tax on this amount. The state tax is calculated based on info provided by the user. Then it calculates and displays the net amount the seller should receive after taxes, mortgage payoff and expenses are paid. The calculations provided should not be construed as financial, legal or tax advice. This tool is intended for informational purposes only and may not reflect the most current tax laws or regulations. You should consult with a qualified tax professional or financial advisor before making any decisions based on the information provided by this tool.