3 ms·

You're not accounting for equity changes. Even if you lost 20% of your house value you've paid down more of your mortgage than that.

• refurb 7y ago
  On a typical 30 year mortgage you haven’t paid much principle in the first 5-10 years. So if you’re still down 10% (as some of those cities are), you could still be in the red.
  • treis 7y ago
    For a 4% loan you pay off 10% of the mortgage in the first 5 years and 22% after 10 years.
  • qes 7y ago
    I'm in my first mortgage, 30 years on ~$200k, almost nothing down. Starting to look at selling next year, which will be year 10. If it sold for the price I bought it, I'd walk with at least $40k of equity after closing costs. But it's also increased in value about $60k. And I'll have maybe $10k in maintenance and fix up costs over that decade.