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"DSK" wrote in message ... NOYB wrote: And you have a fixed rate for that 30 years, right? It'll never never never go above 6%, right? Yes. Wells Fargo is now offering a 30 year fixed rate interest only loan. The rate that they quoted me was in the mid 6% range. Tell you what. Spreadsheet the difference between 6% and 6.5% over 30 years, then get back to me. It's interest only. Even *you* can figure out the monthly payment without a spreadsheet: Loan value * interest rate/12=monthly payment At 6.5%, the payment is $5416.67/month. The total of the payments for 30 years is $1.95 million...which is still less than the 3 million in equity...leaving you with a net gain of $1.05 million. And you don't have to pay taxes on that "appreciated" property, right? Can't go up more than 3% every year thanks to Save Our Homes Act. And do the math on 3% compounded over 30 years too. The increase is peanuts compared to the figures that we're talking about. Remember that you're still $1.05 million ahead of the game before you start counting taxes. Even in the worst case scenario, the taxes eat up less than half of that amount. |
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