What Happens if I Sell My Home Before the Mortgage Is Paid Off in Las Vegas? — Deidre Wilson, Las Vegas & Henderson, NV Realtor®

What happens if you sell your home before the mortgage is paid off in Las Vegas?
The good news is you don’t need to pay off your loan first. At closing, your mortgage balance is paid directly from the sale proceeds. If you have enough equity, you’ll keep what’s left after expenses. Deidre Wilson helps sellers calculate their payoff and net proceeds before listing so there are no surprises.

How Mortgage Payoff Works

• Your lender issues a payoff statement showing the exact balance owed, including interest up to the closing date.

• At closing, the title/escrow company pays the lender directly from the buyer’s funds.

• Any remaining money after fees and costs is your equity — your net proceeds.

If You Have Enough Equity

• Payoff balance is covered by the sale.

• You keep the remaining equity, often used for the down payment on your next home in Las Vegas or Henderson.

Example:

• Sale price: $450,000

• Mortgage payoff: $300,000

• Closing costs: $30,000

• Net proceeds: $120,000

If You Don’t Have Enough Equity

• Break-even: Sale covers payoff + costs but leaves little leftover.

• Short sale: If you owe more than the home’s value, your lender must approve selling for less than what’s owed. This can impact your credit but is better than foreclosure.

Special Situations

• Second mortgages or HELOCs: Must also be paid at closing.

• Prepayment penalties: Rare, but check your loan documents.

• VA or FHA loans: Some have specific payoff processes but are handled through escrow.

Las Vegas Market Insight

As of mid-2025, the median home price in Las Vegas is about $465,000 (Source: LVR). With strong appreciation over the past five years, many sellers still have significant equity even if they purchased recently.

Neighborhoods like Summerlin West, Skye Canyon, and Southern Highlands have seen some of the largest gains, putting sellers in a strong position to pay off their mortgages and still walk away with cash in hand.

Deidre Wilson’s Advice

“You don’t need to have your mortgage paid off to sell. Escrow handles that at closing. My job is to make sure you know exactly what your bottom line looks like before we hit the market.” — Deidre Wilson

Your Next Step

Thinking about selling your Las Vegas home but still owe on your mortgage? Deidre Wilson & Associates will prepare a custom net sheet so you’ll know exactly what you’ll walk away with.

📞 Call or text: 312-576-5448
📧 Email: sold@deidrewilson.com
🌐 Visit: www.deidrewilson.com

Disclaimer: This article is for informational purposes only and not legal, tax, or financial advice. Always consult licensed professionals.