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Old 16-09-2014, 01:59 PM
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Originally Posted by Unregistered View Post
How is this possible?
Your total mortgage loan is $567k+$380k+$380k = $1.327m.
If you take 30 years loan with assumption of long term interest of 3%, your monthly mortgage is $5.6k.
Your terrace most likely can be rented out at $4500 pm and your condo at $2500 pm, so total rent is $7k.
After deducting your mortgage, you are only left with $1.4k per month. Don't forget you also have to pay property tax, maintenance fee for the condo and income tax from rental. You just break even. How to retire?
Right now my terrace mortgage can be $2250 and my JB house is $1200, so only $3450. Condo can be paid off, so left $3500 passive income a mth...but when interest rates rise, I prob have to work parttime...
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