Thanks in advance for any help. My spouse and I are relocating from Austin to San Jose, CA. We bought our home in Austin a little over two years ago, and we have no plans to buy a home in San Jose. Although renting our home would clearly be cashflow negative, we are thinking we might eventually move back to Austin and are nervous to give up our very low interest rate.
Market Value: $394k
Original Purchase price: $350k
Original Mortgage Amount: $275.5k
Interest Rate: 3%
Mortgage Term: 15 years
Term remaining: 13 years
Amount remaining on mortgage: $245k
Gross Rents: $2450 monthly
Principal and Interest: $1928 monthly
Taxes and Insurance: $750 monthly
HOA costs: $127 monthly
Deferred maintenance notes: new construction (built 2015), so hopefully not too much in maintenance in the next few years
If it matters, our home equity is about 14% of our current net worth. Even with the negative cashflow on the home, we could afford to max out all tax advantaged accounts and put a good amount in after tax accounts. Our fear would be job loss coinciding with a drop in the housing market - what would you do in this situation?