Worth keeping the property or unloading?

[Sirisha Kusuma]

Hello Team,

Newbie here! Asking a basic question and need advice if I should keep the townhome or sell it( If anyone can give any formulas that I should consider please let me know)

The current value of the townhome as per Zillow is 690K(bought it for 540K)

Current loan balance=404K , interest rate = 2.99% , term=15 years, taxes per year=7K, HOA fees = 155/month

Location - metro area, good school district, parks, and trails around.

The townhomes in the area are renting for $2500-$2800

I am planning to purchase a single-family home that is around 1.8M. Now, Is it worth keeping the townhome with all the above fees considering I will be paying all those fees for the single-family house also?

Thanks for your help!

[Joe Villeneuve]

Sell as soon as possible.  This isn't a rental property.  By my quick calculations, including the mortgage payments, you would be looking at about $1200/month negative cash flow.

You have almost $300k in equity trapped, to be released in your custody once sold.

There's no question this is a sale.