Quote Originally Posted by mwilbert View Post
I'm not shilling for Detroit real estate, but all these numbers are wrong. Wesley omits the fact that you still owe close to 60K on your mortgage when you sell, so you are only up 40K on the deal. Your numbers are not even vaguely reasonable either. How could an 80K 30 year mortgage at current interest rates require that 50K be paid back in 5 years? Probably less than 25K...
There are 360 payments for a 30-year mortgage. If the mortgage is $60K after the $20K down payment, you're looking at a monthly payment of $166 per month. Multiply that by 60 months [[5 years worth of payments) and you would have only paid $10K towards the mortgage. So that means you would owe $50K towards it before you can pocket the remaining proceeds if you sold the house.

Not sure where you got the $60K owed from?