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Can I sell a house while paying off the mortgage?

Let's say I have saved up $30,000 and I put down 10 percent on a house that costs $200,000. I will have a 30-year mortgage with 5 percent APR and let's say my monthly payment would be $1,000. If I keep the house for two years, I will have made 24 monthly payments plus the down payment so I have put $44,000 into the home. There would be $156,000 left on the mortgage. If I list the house and find a buyer that will pay $250,000, the mortgage needs to be settled, which would leave a remaining $94K. The remaining $94,000 from the sale would be mine, right? Of course I am excluding all additional taxes, lawyer, and realtor fees for the purpose of this theoretical scenario. Would I be able to sell a home after only owning it for two years? How difficult is this process? Did I forget any key details that would cost lots of money and cause me to go into financial debt? And approximately how much would all additional fees from the initial purchase of the house to the resale and accumulative over two years be?

Debt, Real Estate, Taxes
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April 2019

A couple of comments:  First of all, most of your $1,000 monthly mortgage payment will go to pay interest on your loan.  At 5% per year, interest on a $180,000 mortgage will be $9,000 per year.  So you will only pay off about $3,000 in principal per year.  At the end of two years, then, your equity in the house will be the total of the $20,000 down payment plus $6,000 in principal payments.  So if you could sell at $250,000 your profit would be $250,000 less $174,000, or $76,000, less closing costs.  Make sure you live in the house for at least two years.  If the house has been your primary residence for at least two years you will not owe capital gains taxes, so your profit will be $76,000 less closing costs.

However, this is all hypothetical.  It's unlikely that a house would appreciate by 25% in just two years unless you did some (costly) work on it.  Don't get your hopes up.  

April 2019