This is the Ramsey Call of the Day, part of the Ramsey Network.

Debbie is with us in Detroit.

Hi, Debbie.

Welcome to the Ramsey show.

Hi, thanks for taking my call.

Sure.

What's up?

My husband and I made a huge mistake.

We moved into a house about two months ago, and with the housing market being so crazy and

lots of competition for homes, we made a mistake of buying a house for more than we wanted to spend.

We paid over a list and appraisal, and we're now in a house that we just feel like we can't

afford the mortgage payment.

It also has a pool that is much more of an expense than we thought it would be.

The house needs a lot of repairs and some things have come up in the last couple of months

that we didn't realize we're going to need to be repaired right away.

So my question is, should we plan on selling it or stay for at least two years and then not have to worry about capital gains.

But if we sell it now, we would probably walk away with, you know, losing about 40 grand.

There is no capital gain when you lose money.

Right. But on the odd chance if we if you broke even if you break even there's no capital gain capital gain would only occur if

you made a profit right so it doesn't sound like that's a problem yeah but if we sold it for what we bought it, if we just broke even, we probably lose about

40 grand with closing costs and everything.

So what's your house payment?

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