Open Question: Buy or continue making payments?

go to this link:
http://www.mortgagecentre.com/index.cfm?pg=21&CFID=994203&CFTOKEN=93153679
then click on "Mortgage Payment Calculator"

Okay, so using that calculator how can i figure out:
amount owning (after 5 years)

total interest paid (after 5 years)

total principle paid (after 5 years)

total interest paid (after 25 years)

Open Question: What can we expect?

We tried to list our home with a real estate agent. Our house is not worth what we owe. We contacted another real estate broker who is going to buy our home on a short sale. If the short sale is accepted and the house is released, will we owe the rest of the money? Will we owe taxes on the money? I heard that Bush passed a law for Mortgage Debt Forgiveness. Would this pertain to us? I'm hoping that my husband will not have to file for bankruptcy because we can't pay the remainder. Suggestions or advice would be great. And yes we want out of our house. We do not want to stay here. It is a very long,sappy story. Thanks!

Open Question: Buy or continue making payments?

I bought a house 2 years ago that I do not live in, and do not currenlty rent.

I put it on the market 6 months ago. Obviously selling it near the price I paid is not working right now. I figure that I might have it for much longer than I thought.

My choices: Keep the house, and the mortgage, and rent it (try to breakeven monthly). Or, buy the house straight out, and then rent it.

I'm thinking that if this is a long term housing problem, then I might be better off having the money coming IN for the next 5-10 years instead of going OUT to mortgage payments which are mostly interest anyway. (The second option will clearly put a significant dent in my "rainy day" back up funds.)

What would you do?

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