If I had a $150,000 30 year mortgage for 2 years then I were to sell it how much money would I have?
& how much would a montly payment be for this mortgage?
2006-07-31 16:57:53 · 9 answers · asked by Dave 2 in Business & Finance ➔ Renting & Real Estate
Ok what I am really asking is not if I sold it...I just want to know how much equity i would have after years
2006-07-31 17:13:32 · update #1
What do you mean sell it??? The house or the Mortgage. Let's start with the fact that you have no control over the owner of your Mortgage, you can't sell it, only the current Beneficiary can (that would be the bank or investment group which currently holds the note and you make payments to). You can re-finance you mortgage, I would only do this, if it is in your best interest to do it, like significant drop in payments and other such stuff. It needs to work out better for you in the end. You could some how come up with the payoff balance (that would be the amount you still owe the bank after 2 years of PI payments). More than likely this isn't going to happen unless a large inheritance, lottery/gambling winnings, or a significant income increase were to come your way. You could sell the house, and the proceeds from the sell would pay off the balance, then you are homeless until you find another home, then get put back in to another $150,000+ 30 year fixed loan.
2006-07-31 17:07:19 · answer #1 · answered by asmul8ed 5 · 0⤊ 0⤋
You're not giving enough info to give an intelligent answer.
If you bought the house, putting NO money down 2 yrs ago ($150,000.00 sales price and $150,000.00 total mortgages) AND you didn't do anything to improve the house, you wouldn't have much. cash after selling and paying off the current mortgage(s).
If you put down 5, 10 15 or 20% of the sales price to get to the $150,000 mortgage, you would have that percentage minus realtor/closing costs from your sale if your house didn't increase in value in the last 2 yrs.
If you put down 5 - 20% AND improved on the house AND the value increases, you get the difference between what you sell it for, and the cash that's left after paying off the existing mortgage and all cost affiliated with the actually closing.
As far as what your monthly mortgage pmt goes, without knowing the type of mortgage (fixed, ARM, Interest Only, GPM, NegAm, etc, etc) and the term (15, 30 yrs) there is no way to tell you what the pmt would be.
2006-08-01 00:10:19 · answer #2 · answered by nu_shashita 3 · 0⤊ 0⤋
To determine the monthly payment you need to know what the interest rate is. For example at 5% it would be $805.23. At 6% it would be $899.33. That's principal and interest only (no insurance, real estate taxes, PMI, etc.).
I'm not sure I understand your first question. Is the mortgage in question an investment of yours or a debt of yours?
2006-08-01 00:08:37 · answer #3 · answered by frugernity 6 · 0⤊ 0⤋
First you have to get an appraisal. Most of your money went toward the interest, who knows it might be a interest only loan. Don't have enough information. To figure out, use a calculator at Wells Fargo web site...that will tell you your monthly payments. But if you had the load you should know your monthly payments.
Have a good day...
2006-08-01 00:05:55 · answer #4 · answered by 345Grasshopper 5 · 0⤊ 0⤋
We need to know the rate to show the exact balance, but it'll be about $148k. That said, you're more likely to profit from appreciation, but will have transaction costs related to the realtor, title, escrow/closing, etc. Payments at 6% are about $899 amortized, $750 interest-only, though I have no idea what your rate will be, it's all about your qualifications. 7% = $997/$875.
2006-08-02 02:58:35 · answer #5 · answered by rogerv_dotcom 1 · 0⤊ 0⤋
I think you mean you want to sell the property after 2 years. In that case it all depends on what interest rate yo had and what percentage went to the principal of the loan.
good luck
2006-08-01 00:16:57 · answer #6 · answered by El Griton 4 · 0⤊ 0⤋
well first you are the owner of the mortgage (the holder) what I'm asking what are you selling ? part 2 ) whats the interest rate
2006-08-01 00:08:21 · answer #7 · answered by darren 2 · 0⤊ 0⤋
when you have a problem with a mortgage you should try to consolidate that loan, this is called debt consolidation.
this is rather easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is:
http://umgarticles.atspace.com/debt-consolidation.htm
2006-08-01 03:42:47 · answer #8 · answered by Anonymous · 0⤊ 0⤋
There is a stie that can give you free quotes on mortgages right in your state...http://www.uslandlord.com/mortgage/ just click on the state in which you live.
2006-08-01 02:14:47 · answer #9 · answered by Anonymous · 0⤊ 0⤋