2008 – After 5 years your loss on monthly carrying costs is about 42K. But you still have the 70K loss as well as any additional loss/gain in value over the next 5 years. (I'm guessing another 15% loss or about another 30K).
I think that the key to consider here is in 5 years, you'll STILL HAVE THE $70K LOSS of value + your carrying cost loss.
