Please answer!! Anyone here really knows about Real Esate stuff…Is this right?
Parents purchased current home in 2001 for $ 250,000 (in Seattle). (30-year mrtg)
5 bedrooms, 3 baths, 2 living rooms, 2 car garage.
They put a down payment of $ 60,000.
Today, our house is only worth $ 226,000.
We been living here for almost 12 years and $ 187,000 is still owed on the principle.
Our monthly mortage payment was about $ 1,300, but MOST of that money goes to the INTEREST instead of the principle. So basically only $ 3,000 has been paid towards the house… DOES THIS SEEM TO BE RIGHT TO YOU?!?!