assumptions for closing costs, agent fees at the time of sale, home maintenance costs and interest payments
Break even being your house has increased in value by the amount you’ve spent on those expenses.
assumptions for closing costs, agent fees at the time of sale, home maintenance costs and interest payments
Break even being your house has increased in value by the amount you’ve spent on those expenses.
Poem_for_your_sprog@lemmy.world 10 months ago
So it takes 13 years to get out from being upside down on the loan? Yikes
Moneo@lemmy.world 10 months ago
Not if I understand the phrase correctly. The house may be valued more than what is remaining on your loan, but you’ve spent a lot of money closing the house. So if you sold before the 13 years you would be able to pay off your loan but you would have lost money.
Poem_for_your_sprog@lemmy.world 10 months ago
Gotchya, so if they had 0% or low down payment they would be upside down for 10+ years.