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juliedine
Posts: 73
Joined: 11/17/2020
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Real Estate Question (US Market) |
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Sample scenario: If I buy a house for $500k at an interest rate of 6% for a conventional 30-year fixed term, I understand that over the course of the 30 years, I'll pay much more than the $500k (probably around $1M total in Principal and Interest). Charlottesville Real Estate Agent Since 2003 Here comes the question: Let's say I sell the house 2 years later for $750k. How does that work? Do I owe the bank the entire Principal + Interest that's left on the loan? Or just the Principal? In other words, do I end up getting $150k in cash? Or less? (Let's ignore closing cost, taxes etc. for the sake of this example) |
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Thursday, July 14, 2022 at 7:35:28 AM |
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watchesbiz
Posts: 47466
Joined: 3/21/2021
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Re: Real Estate Question (US Market) |
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