Friday, February 25, 2011

check my math please.

Say I put 20% down on a $500,000 home in Atlanta January 1, 2006. Atlanta homes have DROPPED 5% a year for the last 5 years. Most of my monthly payments for the first 7 to 10
years go towards interest and not principle of the loan. So 5% of $500,000 equals 25% of my
$100,000 down payment. Is the equity in my home now at $23,730? Have I lost over $75 k
in owning a home in last 5 years in NOTlanta?
PS> I rent. ;) Another 5 years down on its way.

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