[quote=briansd1]Seems to me like losing $75k on a 2006 purchase, and being able to move up and take advantage of low interest rates now, is not bad at all.
I know people who’ve lost at lot more.
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She said that $30k was 5%, so 2006 purchase price was $600,000.
15% total downpayment was $90,000 which was her own money. And she walked away with $60,000. That’s only a $30,000, or 5% loss on the purchase price. (the other $45,000 are other things that she’s counting).
That’s pretty damn good. I’d take that deal if I had bought a house in 2006.[/quote]
your math is about correct. About 90K down, and about 30K more eventually paid out to pay off that second mortgage. And then the money we put into improvements. Then again, we got to enjoy those improvements for at least several years, so it’s not like you should really get to completely count them as a loss.
Of course I wish we wouldn’t have lost anything, but then I tell myself that if we had just rented from 2006-present, we would have had that $90 or $120K sitting in other investments and we would have been really stressed out back in 2008-2009 or so to watch it tank. Plus, we did get to enjoy our house for the past 5+ years, so that is worth quite a bit, too. Maybe not quite work $75K plus all of our monthly payments, but still a good experience as a first time homeowner.
