I want to buy a new home and have been in my current home for a year. Starting mortgage was 121k at 6.8 percent. I believe I am down to about 118k. How much do I have to sell my house for to make money? Is there a payoff for this loan higher then 118k? If I sold for 140k would I make 20k?
It's possible that there is a prepayment penalty clause in your mortgage agreement. You should be able to readily get an approximation of the payoff figure from your current lender; the exact numbers would come in response to a formal payoff figure request that would include the expected date of payment and be in anticipation of the sale of your house. You can get a good sense of your profit by simply subtracting the estimated (or actual) payoff figure from the sales price, and then subtract whatever your sales commission and other sales costs might be.
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It's possible that there is a prepayment penalty clause in your mortgage agreement. You should be able to readily get an approximation of the payoff figure from your current lender; the exact numbers would come in response to a formal payoff figure request that would include the expected date of payment and be in anticipation of the sale of your house. You can get a good sense of your profit by simply subtracting the estimated (or actual) payoff figure from the sales price, and then subtract whatever your sales commission and other sales costs might be.