Hi,
Unfortunately like most other threads on this forum, my GF and I are splitting with joint mortgage implications. I would like someone to recheck my numbers here if possible:
House purchase price: 345K
Deposit split: 20K from GF, 60K from me
Estimated house value now: 380K
Outstanding mortgage: 215K
I am going to remain in the house. Hence, by my calculations the return amounts would be as follows, basically following it as if "we" sold the house to "me"
Selling price: 380K
The bank just wants their outstanding balance: 215K for them
Money to divide up: 380K - 215K = 165K
Return individual deposits: 165K - 20K (GF) - 60K (me) = 85K left to divide equally, so 42.5K each.
That would leave GF getting 62.5K and me getting 102.5K. Since I'm to remain in the house, I don't really get the 102.5K into my hand. Instead, I need basically borrow another 62.5K to pay off GF to "simulate" the sale. Does that sound right? I know I can get the 62.5K as an "add on" rather than getting a completely new 272.5K (215K + 62.5K) mortgage, thats fine, its moreso the numbers I would like to validate.
Thanks
Unfortunately like most other threads on this forum, my GF and I are splitting with joint mortgage implications. I would like someone to recheck my numbers here if possible:
House purchase price: 345K
Deposit split: 20K from GF, 60K from me
Estimated house value now: 380K
Outstanding mortgage: 215K
I am going to remain in the house. Hence, by my calculations the return amounts would be as follows, basically following it as if "we" sold the house to "me"
Selling price: 380K
The bank just wants their outstanding balance: 215K for them
Money to divide up: 380K - 215K = 165K
Return individual deposits: 165K - 20K (GF) - 60K (me) = 85K left to divide equally, so 42.5K each.
That would leave GF getting 62.5K and me getting 102.5K. Since I'm to remain in the house, I don't really get the 102.5K into my hand. Instead, I need basically borrow another 62.5K to pay off GF to "simulate" the sale. Does that sound right? I know I can get the 62.5K as an "add on" rather than getting a completely new 272.5K (215K + 62.5K) mortgage, thats fine, its moreso the numbers I would like to validate.
Thanks