Tuesday, November 8, 2011

Mortgage Numbers

We have completed the refinance of rental property #1, interest rate has gone from 6+% to 4+%, we were pleased we were able to refinance this property since, due to the value, we will be holding onto it for some time. 

We rolled the closing costs into the loan for rental property #1, so the mortgage balance went up.  As it presently stands, our total investment property mortgages total $328,391.  Our total debt is at $597,728 and that means that we have met our 2011 goal of getting our debt under $600,000 (even with the refi).

1 comment:

The Glenns said...

We have a small rental property. After mortgage, insurance, and taxes, we are looking at a $2400/yr profit. We have yet to replace anything big, but assume the ac/heater could need replaced anytime in the next 5 yrs. I guess, my biggest question is... Since we are making a profit, is it a good investment to just hold onto it?