Hi all,
Its been 6 months since i purchased and moved into my first house at age 29.
I think i am doing very well, all the utilities bills and mortgage has been paid on time.
I want to climb the property investment ladder, i have 2 options, move out and rent the existing house for $470-490 p.w or buy another smaller 2 bed house in Mt Wellington or Otahuhu, live in one room and rent the other room out? or should i concentrate and pay as much as possible but still having a life style and get the house paid off?
I have been paying $331 more than i meant to on my repayments (min $949.50 fortnightly, actual repayment $1,280). I calculated that if i keep up the $1280 repayment the house will be paid of in 16 years (i will be 45 years old!) if the interest rates remains the same 5.79%.
Set out below is my maths:
Its been 6 months since i purchased and moved into my first house at age 29.
I think i am doing very well, all the utilities bills and mortgage has been paid on time.
I want to climb the property investment ladder, i have 2 options, move out and rent the existing house for $470-490 p.w or buy another smaller 2 bed house in Mt Wellington or Otahuhu, live in one room and rent the other room out? or should i concentrate and pay as much as possible but still having a life style and get the house paid off?
I have been paying $331 more than i meant to on my repayments (min $949.50 fortnightly, actual repayment $1,280). I calculated that if i keep up the $1280 repayment the house will be paid of in 16 years (i will be 45 years old!) if the interest rates remains the same 5.79%.
Set out below is my maths:
Purchased Oct 2014 - 3 Bed Room, Mangere East | $438,888 |
Current balance on home loan | $347,000 |
Fixed for 2 years at 5.79% (commenced Oct 2014) | |
Fortnightly Repayments | $1,280 |
Insurance | $950 |
Rates | $1,600 |
Income from spare rooms fortnightly (power,water etc.. Included) | $720 |
Power, water, internet and sky fortnightly expenses | $210 |
I spent $1,700 on a heat pump |
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