Quote:
Originally Posted by Unregistered
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?
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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...