| Author | Message | ||
     Ferrari Mudiripoyina Bewarse Username: Ferrari Post Number: 11970 Registered: 09-2010 Posted From: 198.177.6.251 Rating: N/A |
nuvvu ippudu katte rent ki upto $200 more monthly payment undettu illu konukkovatam safe choice($300-$350k home)..if you stay in that house for 5 years you will be breakeven even if you sell the home at same price you bought...so in the points mentioned by Lolakulu 1. 500k house with 20% down payment means you will get 400k loan from bank. This 400k is morgages over 20 years let say. 2400$ monthly pmt is sum of interest + principal that sums around to $576000 (mostly interest in the begining of mortgage duration). 2. you paid pmts for 5 years. that means 2400*60 months = $144000. So you still have another 15 years of payments ($432000). 3. now you sold house after 5 years for 500k. so new buyer will pay 500k to escrow account (middle men) who will pay that $432k balance on your part to your lender and transfer remaining 68k to your account. 4. so you will receive only 68k in the sale of the house at this point of time. Actually you paid $144k to bank as payments. so you will be loosing 76k in this whole scenario of owning house for just 5 years. If you sell the house for 500k you will be having a loss of $76k which is equal to renting an apartment for $1266 for 5 years. Nandamuri Taraka Rama Rao - Sachin Ramesh Tendulkar |