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You have substantial equity invested in the property, but a small percentage of it's debt obligation.
Interest is 3-4x the actual sale price.
Something to note:
1). The Fed has kept interest rate very low for a long time to stimulate spending(taxes).
2). Existing National Debt (with themselves "giving away" $26trillion without congressional approval) is part of that.
3). This low-interest trend will probably continue, if common sense prevails.
4). Stimulating the economy is essential, and will be.
Research the current "Discount" rate, which the Fed prints and gives to the corporate banks for free.
Research the "Federal Funds" rate, which the the banks loan to each other.
Go from there.
The banks should be very competitive......if this is truly a free-market society.
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