@ricardojigmond wrote:
my actual profit is only 170 K .
@ricardojigmond
Your actual profit is $340,000, minus the following:
- the amount you paid for the house when you bought it (the total purchase price, including what was paid by the mortgage loan, not just the down payment or the amount of cash that you put up)
- the cost of any improvements that you made (but not repairs)
- selling expenses, such as a broker's fee
Paying off the mortgage does not reduce your actual profit.
If you ever rented out the house or used it for business there are additional considerations.
