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Cynthetiq · 09-26-2007, 08:42 AM

Let me give you another real world example:

I bought a 1 bedroom condo in Las Vegas for $6,000 down. The purchase price was around $68,000. I borrowed $62,000 at 6.25% for 15 years. My mortgage is around $475. I believe that my total purchase price for the property when everything is said and done is $85,500. The current appreciated price of the property is about $187,000. For all that I've put into the property for the mortgage and downpayment, currently is about $39,000 as I'm about 7 years into the loan. When I sell for $187,000, I pay off the rest of the balance $46,500 leaving me with $101,500 minus capital gains taxes and misc fees. It still is a great profit.

09-26-2007, 08:42 AM	#11 (permalink)
Cynthetiq Tilted Cat Head Administrator Location: Manhattan, NY	Let me give you another real world example: I bought a 1 bedroom condo in Las Vegas for $6,000 down. The purchase price was around $68,000. I borrowed $62,000 at 6.25% for 15 years. My mortgage is around $475. I believe that my total purchase price for the property when everything is said and done is $85,500. The current appreciated price of the property is about $187,000. For all that I've put into the property for the mortgage and downpayment, currently is about $39,000 as I'm about 7 years into the loan. When I sell for $187,000, I pay off the rest of the balance $46,500 leaving me with $101,500 minus capital gains taxes and misc fees. It still is a great profit. __________________ I don't care if you are black, white, purple, green, Chinese, Japanese, Korean, hippie, cop, bum, admin, user, English, Irish, French, Catholic, Protestant, Jewish, Buddhist, Muslim, indian, cowboy, tall, short, fat, skinny, emo, punk, mod, rocker, straight, gay, lesbian, jock, nerd, geek, Democrat, Republican, Libertarian, Independent, driver, pedestrian, or bicyclist, either you're an asshole or you're not. What's the best nation in the world? DO-NATION!