Dh and I want to move to another area that is more expensive than where we are now.
I am not sure if we should make the move now or in around 4-5 yrs time.
Our house now is worth around $420-440k and we owe the bank around $210K
The properties we are looking at are around $600-630K
That means we will end up with a new loan of around $400-420K
However if we pay off our $210K loan in the next 4-5yrs (I estimated that using a bank website), I was thinking that in 4-5 yrs time we could sell our house, owing nothing to the bank and take out a new lower loan (around $300K)?
If prices rise in our area over the next 4-5yrs (approx 30%?) and the other area slightly more (40%), I worked out that our new loan later on could be around $300,000 (which in 4-5yrs would seem less than it does now).
So am I on track or totally off it. I am so confused. It is not like we are desperate to move now. I would be happy to wait if it was financially better. I just feel ill at the thought of having a new $400K home loan now!!!