I agree MCM_STL: you should look at your lender statement to see how much you have left to owe. Also to consider when selling your home are closing costs, commissions and taxes. If you are working with an agent, you can ask them for a "seller's estimated proceeds" break-down. If your home is already in escrow, your escrow agent will be able to give you the most accurate settlement statement (they will include everything like utility pay-offs). If you're just looking for a rough estimate, this is something I can pull for you if you're still looking for an answer.... more
In Washington we use the services of an escrow company to close transactions. That company will gather documents from both parties, and cash from the buyer and their lender. When everything is ready to go and they have all the documents and funds they need, they will record the documents and then give you your funds (e.g. a check or wire transfer).
Thus, in Washington almost every sale is a cash sale, it's just that buyers who don't need a loan can close faster than those who do need a loan (and also may not have low appraisal language in their offers). So cash buyers are better, but you're going to get liquid funds at closing either way.... more
There are two parts to consider. One is the appreciation in your home. The other is the amount leftover on the loan when you sell. The difference is called equity. After that, you will need to consider the cost to sell a home, which is typically 10%. For your particular case:
Appreciation assuming 2% over the next few years which is very conservative but inline with historical norms: 135k * (1+.02)^3 = 143k. But since you are assuming the home will sell for 150k we will just go with your number.
As for the loan, lets assume your initial payments go towards the interest on the loan (which in practice is likely true). I'm assuming you have a fixed rate mortgage with a 30 year term. Since you paid 20k down already, the amount leftover will be approximately 115k.
So the equity you have is 150k-115k = 35k. If you include all the costs to sell the home (realtor fees, taxes, etc), your looking at ~15k to pay out. 35k-15k = 20k.
So you will gain about 20k if you sell the home in 3 years, assuming you sell it for 150k and the loan you received is fixed for 30 years.
Of course we failed to include the amount you save in taxes every year while owning the home. But the above analysis is a fairly good approximation.... more