Inputs · user supplied
Price, down payment, note rate, term, rent, and refinance terms remain editable and are never treated as lender quotes.
CFBTrack Labs / Money & Decisions
Mortgage Time Machine
Calculate a payment, inspect where every dollar goes, and compare buying, waiting, renting, refinancing, or changing terms on one auditable timeline.
Estimated first-month housing outflow
$2,905.95
Principal and interest 2022.62; cash to close 96000.00.
Manual inputs + projected assumptions- Principal & interest
- $2,022.62
- Cash to close
- $96,000.00
- Balance
- $319,711
- Liquidation equity
- $53,206.74
- Modeled net worth
- $109,521
- Data coverage
- Manual assumptions
Financial field
Move through every modeled month
The debt line narrows as principal is repaid. The dashed value path is a market-level projection, not a recorded sale or appraisal.
2026-08: $2,022.62 P&I · $319,711 balance · $53,206.74 after modeled sale costs.
Payment DNA
Where the selected month goes
Opportunity cost is kept outside this payment stack and modeled through the separate liquid portfolio.
Principal
$289.29
Interest
$1,733.33
Property tax
$400.00
Insurance
$150.00
Maintenance
$333.33
Rate–price seesaw
What price keeps P&I level?
| Rate | Equivalent purchase price | Loan amount | P&I |
|---|---|---|---|
| 4% | $529,576 | $423,660 | $2,022.62 |
| 5% | $470,971 | $376,777 | $2,022.62 |
| 6% | $421,695 | $337,356 | $2,022.62 |
| 7% | $380,019 | $304,015 | $2,022.62 |
| 8% | $344,562 | $275,650 | $2,022.62 |
Full audit
Year-by-year ledger
All values come from the same cent-level ledger used by the scoreboard and visuals.
| Year | Ending balance | Principal paid | Interest paid | Housing outflow | Home value | Liquidation equity | Net worth |
|---|---|---|---|---|---|---|---|
| 1 | $316,423 | $3,576.76 | $20,694.68 | $35,001.46 | $412,000 | $66,736.76 | $149,004 |
| 2 | $312,607 | $3,816.28 | $20,455.16 | $35,289.95 | $424,360 | $82,047.83 | $193,701 |
| 3 | $308,535 | $4,071.88 | $20,199.56 | $35,586.31 | $437,091 | $97,959.36 | $240,165 |
| 4 | $304,191 | $4,344.57 | $19,926.87 | $35,890.73 | $450,204 | $114,499 | $288,473 |
| 5 | $299,555 | $4,635.54 | $19,635.90 | $36,203.34 | $463,710 | $131,695 | $338,706 |
| 6 | $294,609 | $4,946.00 | $19,325.44 | $36,524.46 | $477,621 | $149,578 | $390,950 |
| 7 | $289,332 | $5,277.22 | $18,994.22 | $36,854.28 | $491,950 | $168,181 | $445,295 |
| 8 | $283,701 | $5,630.65 | $18,640.79 | $37,193.08 | $506,708 | $187,537 | $501,833 |
| 9 | $277,693 | $6,007.75 | $18,263.69 | $37,541.01 | $521,909 | $207,682 | $560,663 |
| 10 | $271,283 | $6,410.11 | $17,861.33 | $37,898.46 | $537,567 | $228,654 | $621,889 |
Open the full 120-month ledger
| Month | P&I | Principal | Interest | Extra | Balance | Total outflow | Home value | Liquidation equity | Portfolio |
|---|---|---|---|---|---|---|---|---|---|
| 2026-08 | $2,022.62 | $289.29 | $1,733.33 | $0.00 | $319,711 | $2,905.95 | $400,987 | $53,206.74 | $56,314.05 |
| 2026-09 | $2,022.62 | $290.85 | $1,731.77 | $0.00 | $319,420 | $2,907.91 | $401,975 | $54,417.31 | $58,635.57 |
| 2026-10 | $2,022.62 | $292.43 | $1,730.19 | $0.00 | $319,127 | $2,909.87 | $402,967 | $55,631.72 | $60,964.59 |
| 2026-11 | $2,022.62 | $294.01 | $1,728.61 | $0.00 | $318,833 | $2,911.84 | $403,961 | $56,849.98 | $63,301.13 |
| 2026-12 | $2,022.62 | $295.61 | $1,727.01 | $0.00 | $318,538 | $2,913.80 | $404,957 | $58,072.13 | $65,645.23 |
| 2027-01 | $2,022.62 | $297.21 | $1,725.41 | $0.00 | $318,241 | $2,915.77 | $405,956 | $59,298.16 | $67,996.91 |
| 2027-02 | $2,022.62 | $298.82 | $1,723.80 | $0.00 | $317,942 | $2,917.75 | $406,957 | $60,528.10 | $70,356.19 |
| 2027-03 | $2,022.62 | $300.44 | $1,722.18 | $0.00 | $317,641 | $2,919.73 | $407,961 | $61,761.95 | $72,723.10 |
| 2027-04 | $2,022.62 | $302.06 | $1,720.56 | $0.00 | $317,339 | $2,921.72 | $408,967 | $62,999.72 | $75,097.66 |
| 2027-05 | $2,022.62 | $303.70 | $1,718.92 | $0.00 | $317,036 | $2,923.71 | $409,975 | $64,241.44 | $77,479.91 |
| 2027-06 | $2,022.62 | $305.34 | $1,717.28 | $0.00 | $316,730 | $2,925.71 | $410,986 | $65,487.11 | $79,869.86 |
| 2027-07 | $2,022.62 | $307.00 | $1,715.62 | $0.00 | $316,423 | $2,927.70 | $412,000 | $66,736.76 | $82,267.56 |
| 2027-08 | $2,022.62 | $308.66 | $1,713.96 | $0.00 | $316,115 | $2,929.70 | $413,016 | $67,990.39 | $84,673.03 |
| 2027-09 | $2,022.62 | $310.33 | $1,712.29 | $0.00 | $315,804 | $2,931.71 | $414,035 | $69,248.03 | $87,086.29 |
| 2027-10 | $2,022.62 | $312.01 | $1,710.61 | $0.00 | $315,492 | $2,933.72 | $415,056 | $70,509.68 | $89,507.37 |
| 2027-11 | $2,022.62 | $313.70 | $1,708.92 | $0.00 | $315,179 | $2,935.74 | $416,079 | $71,775.37 | $91,936.29 |
| 2027-12 | $2,022.62 | $315.40 | $1,707.22 | $0.00 | $314,863 | $2,937.76 | $417,106 | $73,045.10 | $94,373.09 |
| 2028-01 | $2,022.62 | $317.11 | $1,705.51 | $0.00 | $314,546 | $2,939.79 | $418,134 | $74,318.90 | $96,817.79 |
| 2028-02 | $2,022.62 | $318.83 | $1,703.79 | $0.00 | $314,227 | $2,941.82 | $419,166 | $75,596.77 | $99,270.42 |
| 2028-03 | $2,022.62 | $320.56 | $1,702.06 | $0.00 | $313,907 | $2,943.85 | $420,199 | $76,878.75 | $101,731 |
| 2028-04 | $2,022.62 | $322.29 | $1,700.33 | $0.00 | $313,584 | $2,945.90 | $421,236 | $78,164.81 | $104,200 |
| 2028-05 | $2,022.62 | $324.04 | $1,698.58 | $0.00 | $313,260 | $2,947.93 | $422,275 | $79,455.01 | $106,676 |
| 2028-06 | $2,022.62 | $325.79 | $1,696.83 | $0.00 | $312,935 | $2,949.99 | $423,316 | $80,749.34 | $109,161 |
| 2028-07 | $2,022.62 | $327.56 | $1,695.06 | $0.00 | $312,607 | $2,952.04 | $424,360 | $82,047.83 | $111,653 |
| 2028-08 | $2,022.62 | $329.33 | $1,693.29 | $0.00 | $312,278 | $2,954.09 | $425,407 | $83,350.49 | $114,154 |
| 2028-09 | $2,022.62 | $331.12 | $1,691.50 | $0.00 | $311,947 | $2,956.17 | $426,456 | $84,657.34 | $116,663 |
| 2028-10 | $2,022.62 | $332.91 | $1,689.71 | $0.00 | $311,614 | $2,958.22 | $427,508 | $85,968.37 | $119,180 |
| 2028-11 | $2,022.62 | $334.71 | $1,687.91 | $0.00 | $311,279 | $2,960.30 | $428,562 | $87,283.63 | $121,706 |
| 2028-12 | $2,022.62 | $336.53 | $1,686.09 | $0.00 | $310,942 | $2,962.37 | $429,619 | $88,603.12 | $124,239 |
| 2029-01 | $2,022.62 | $338.35 | $1,684.27 | $0.00 | $310,604 | $2,964.46 | $430,678 | $89,926.86 | $126,781 |
| 2029-02 | $2,022.62 | $340.18 | $1,682.44 | $0.00 | $310,264 | $2,966.54 | $431,741 | $91,254.86 | $129,331 |
| 2029-03 | $2,022.62 | $342.02 | $1,680.60 | $0.00 | $309,922 | $2,968.63 | $432,805 | $92,587.14 | $131,889 |
| 2029-04 | $2,022.62 | $343.88 | $1,678.74 | $0.00 | $309,578 | $2,970.73 | $433,873 | $93,923.71 | $134,456 |
| 2029-05 | $2,022.62 | $345.74 | $1,676.88 | $0.00 | $309,232 | $2,972.83 | $434,943 | $95,264.60 | $137,031 |
| 2029-06 | $2,022.62 | $347.61 | $1,675.01 | $0.00 | $308,885 | $2,974.93 | $436,015 | $96,609.81 | $139,614 |
| 2029-07 | $2,022.62 | $349.50 | $1,673.12 | $0.00 | $308,535 | $2,977.04 | $437,091 | $97,959.36 | $142,206 |
| 2029-08 | $2,022.62 | $351.39 | $1,671.23 | $0.00 | $308,184 | $2,979.15 | $438,169 | $99,313.28 | $144,806 |
| 2029-09 | $2,022.62 | $353.29 | $1,669.33 | $0.00 | $307,830 | $2,981.28 | $439,249 | $100,672 | $147,415 |
| 2029-10 | $2,022.62 | $355.21 | $1,667.41 | $0.00 | $307,475 | $2,983.39 | $440,333 | $102,034 | $150,032 |
| 2029-11 | $2,022.62 | $357.13 | $1,665.49 | $0.00 | $307,118 | $2,985.52 | $441,419 | $103,401 | $152,657 |
| 2029-12 | $2,022.62 | $359.06 | $1,663.56 | $0.00 | $306,759 | $2,987.66 | $442,507 | $104,773 | $155,292 |
| 2030-01 | $2,022.62 | $361.01 | $1,661.61 | $0.00 | $306,398 | $2,989.80 | $443,599 | $106,149 | $157,935 |
| 2030-02 | $2,022.62 | $362.96 | $1,659.66 | $0.00 | $306,035 | $2,991.94 | $444,693 | $107,529 | $160,586 |
| 2030-03 | $2,022.62 | $364.93 | $1,657.69 | $0.00 | $305,670 | $2,994.09 | $445,789 | $108,914 | $163,246 |
| 2030-04 | $2,022.62 | $366.91 | $1,655.71 | $0.00 | $305,303 | $2,996.24 | $446,889 | $110,304 | $165,915 |
| 2030-05 | $2,022.62 | $368.89 | $1,653.73 | $0.00 | $304,934 | $2,998.39 | $447,991 | $111,697 | $168,593 |
| 2030-06 | $2,022.62 | $370.89 | $1,651.73 | $0.00 | $304,563 | $3,000.55 | $449,096 | $113,096 | $171,279 |
| 2030-07 | $2,022.62 | $372.90 | $1,649.72 | $0.00 | $304,191 | $3,002.72 | $450,204 | $114,499 | $173,974 |
| 2030-08 | $2,022.62 | $374.92 | $1,647.70 | $0.00 | $303,816 | $3,004.89 | $451,314 | $115,906 | $176,678 |
| 2030-09 | $2,022.62 | $376.95 | $1,645.67 | $0.00 | $303,439 | $3,007.06 | $452,427 | $117,318 | $179,391 |
| 2030-10 | $2,022.62 | $378.99 | $1,643.63 | $0.00 | $303,060 | $3,009.25 | $453,543 | $118,735 | $182,112 |
| 2030-11 | $2,022.62 | $381.05 | $1,641.57 | $0.00 | $302,679 | $3,011.43 | $454,661 | $120,156 | $184,843 |
| 2030-12 | $2,022.62 | $383.11 | $1,639.51 | $0.00 | $302,295 | $3,013.62 | $455,783 | $121,582 | $187,582 |
| 2031-01 | $2,022.62 | $385.19 | $1,637.43 | $0.00 | $301,910 | $3,015.82 | $456,907 | $123,013 | $190,331 |
| 2031-02 | $2,022.62 | $387.27 | $1,635.35 | $0.00 | $301,523 | $3,018.02 | $458,034 | $124,448 | $193,088 |
| 2031-03 | $2,022.62 | $389.37 | $1,633.25 | $0.00 | $301,134 | $3,020.21 | $459,163 | $125,888 | $195,855 |
| 2031-04 | $2,022.62 | $391.48 | $1,631.14 | $0.00 | $300,742 | $3,022.44 | $460,296 | $127,333 | $198,630 |
| 2031-05 | $2,022.62 | $393.60 | $1,629.02 | $0.00 | $300,349 | $3,024.65 | $461,431 | $128,782 | $201,415 |
| 2031-06 | $2,022.62 | $395.73 | $1,626.89 | $0.00 | $299,953 | $3,026.87 | $462,569 | $130,236 | $204,208 |
| 2031-07 | $2,022.62 | $397.88 | $1,624.74 | $0.00 | $299,555 | $3,029.08 | $463,710 | $131,695 | $207,011 |
| 2031-08 | $2,022.62 | $400.03 | $1,622.59 | $0.00 | $299,155 | $3,031.31 | $464,853 | $133,159 | $209,823 |
| 2031-09 | $2,022.62 | $402.20 | $1,620.42 | $0.00 | $298,753 | $3,033.56 | $466,000 | $134,627 | $212,645 |
| 2031-10 | $2,022.62 | $404.38 | $1,618.24 | $0.00 | $298,348 | $3,035.79 | $467,149 | $136,100 | $215,475 |
| 2031-11 | $2,022.62 | $406.57 | $1,616.05 | $0.00 | $297,942 | $3,038.04 | $468,301 | $137,578 | $218,315 |
| 2031-12 | $2,022.62 | $408.77 | $1,613.85 | $0.00 | $297,533 | $3,040.29 | $469,456 | $139,061 | $221,164 |
| 2032-01 | $2,022.62 | $410.98 | $1,611.64 | $0.00 | $297,122 | $3,042.55 | $470,614 | $140,549 | $224,023 |
| 2032-02 | $2,022.62 | $413.21 | $1,609.41 | $0.00 | $296,709 | $3,044.81 | $471,775 | $142,041 | $226,891 |
| 2032-03 | $2,022.62 | $415.45 | $1,607.17 | $0.00 | $296,293 | $3,047.07 | $472,938 | $143,539 | $229,768 |
| 2032-04 | $2,022.62 | $417.70 | $1,604.92 | $0.00 | $295,876 | $3,049.35 | $474,104 | $145,041 | $232,655 |
| 2032-05 | $2,022.62 | $419.96 | $1,602.66 | $0.00 | $295,456 | $3,051.61 | $475,274 | $146,549 | $235,551 |
| 2032-06 | $2,022.62 | $422.23 | $1,600.39 | $0.00 | $295,033 | $3,053.89 | $476,446 | $148,061 | $238,457 |
| 2032-07 | $2,022.62 | $424.52 | $1,598.10 | $0.00 | $294,609 | $3,056.19 | $477,621 | $149,578 | $241,372 |
| 2032-08 | $2,022.62 | $426.82 | $1,595.80 | $0.00 | $294,182 | $3,058.47 | $478,799 | $151,101 | $244,297 |
| 2032-09 | $2,022.62 | $429.13 | $1,593.49 | $0.00 | $293,753 | $3,060.77 | $479,980 | $152,628 | $247,231 |
| 2032-10 | $2,022.62 | $431.46 | $1,591.16 | $0.00 | $293,322 | $3,063.06 | $481,163 | $154,160 | $250,176 |
| 2032-11 | $2,022.62 | $433.79 | $1,588.83 | $0.00 | $292,888 | $3,065.37 | $482,350 | $155,698 | $253,130 |
| 2032-12 | $2,022.62 | $436.14 | $1,586.48 | $0.00 | $292,452 | $3,067.68 | $483,540 | $157,240 | $256,093 |
| 2033-01 | $2,022.62 | $438.51 | $1,584.11 | $0.00 | $292,013 | $3,070.00 | $484,732 | $158,788 | $259,066 |
| 2033-02 | $2,022.62 | $440.88 | $1,581.74 | $0.00 | $291,572 | $3,072.32 | $485,928 | $160,341 | $262,050 |
| 2033-03 | $2,022.62 | $443.27 | $1,579.35 | $0.00 | $291,129 | $3,074.65 | $487,126 | $161,898 | $265,043 |
| 2033-04 | $2,022.62 | $445.67 | $1,576.95 | $0.00 | $290,683 | $3,076.98 | $488,328 | $163,461 | $268,045 |
| 2033-05 | $2,022.62 | $448.09 | $1,574.53 | $0.00 | $290,235 | $3,079.32 | $489,532 | $165,029 | $271,058 |
| 2033-06 | $2,022.62 | $450.51 | $1,572.11 | $0.00 | $289,785 | $3,081.65 | $490,739 | $166,603 | $274,081 |
| 2033-07 | $2,022.62 | $452.95 | $1,569.67 | $0.00 | $289,332 | $3,084.01 | $491,950 | $168,181 | $277,113 |
| 2033-08 | $2,022.62 | $455.41 | $1,567.21 | $0.00 | $288,876 | $3,086.36 | $493,163 | $169,765 | $280,156 |
| 2033-09 | $2,022.62 | $457.87 | $1,564.75 | $0.00 | $288,418 | $3,088.72 | $494,379 | $171,354 | $283,209 |
| 2033-10 | $2,022.62 | $460.35 | $1,562.27 | $0.00 | $287,958 | $3,091.08 | $495,598 | $172,948 | $286,272 |
| 2033-11 | $2,022.62 | $462.85 | $1,559.77 | $0.00 | $287,495 | $3,093.45 | $496,821 | $174,548 | $289,344 |
| 2033-12 | $2,022.62 | $465.35 | $1,557.27 | $0.00 | $287,030 | $3,095.83 | $498,046 | $176,153 | $292,427 |
| 2034-01 | $2,022.62 | $467.87 | $1,554.75 | $0.00 | $286,562 | $3,098.20 | $499,274 | $177,763 | $295,521 |
| 2034-02 | $2,022.62 | $470.41 | $1,552.21 | $0.00 | $286,092 | $3,100.58 | $500,506 | $179,379 | $298,624 |
| 2034-03 | $2,022.62 | $472.96 | $1,549.66 | $0.00 | $285,619 | $3,102.97 | $501,740 | $180,999 | $301,738 |
| 2034-04 | $2,022.62 | $475.52 | $1,547.10 | $0.00 | $285,143 | $3,105.37 | $502,977 | $182,626 | $304,862 |
| 2034-05 | $2,022.62 | $478.09 | $1,544.53 | $0.00 | $284,665 | $3,107.77 | $504,218 | $184,258 | $307,996 |
| 2034-06 | $2,022.62 | $480.68 | $1,541.94 | $0.00 | $284,184 | $3,110.17 | $505,461 | $185,895 | $311,140 |
| 2034-07 | $2,022.62 | $483.29 | $1,539.33 | $0.00 | $283,701 | $3,112.58 | $506,708 | $187,537 | $314,296 |
| 2034-08 | $2,022.62 | $485.91 | $1,536.71 | $0.00 | $283,215 | $3,115.00 | $507,958 | $189,185 | $317,461 |
| 2034-09 | $2,022.62 | $488.54 | $1,534.08 | $0.00 | $282,727 | $3,117.43 | $509,210 | $190,839 | $320,637 |
| 2034-10 | $2,022.62 | $491.18 | $1,531.44 | $0.00 | $282,235 | $3,119.84 | $510,466 | $192,498 | $323,823 |
| 2034-11 | $2,022.62 | $493.84 | $1,528.78 | $0.00 | $281,742 | $3,122.28 | $511,725 | $194,163 | $327,020 |
| 2034-12 | $2,022.62 | $496.52 | $1,526.10 | $0.00 | $281,245 | $3,124.72 | $512,987 | $195,833 | $330,228 |
| 2035-01 | $2,022.62 | $499.21 | $1,523.41 | $0.00 | $280,746 | $3,127.16 | $514,252 | $197,509 | $333,446 |
| 2035-02 | $2,022.62 | $501.91 | $1,520.71 | $0.00 | $280,244 | $3,129.61 | $515,521 | $199,190 | $336,675 |
| 2035-03 | $2,022.62 | $504.63 | $1,517.99 | $0.00 | $279,739 | $3,132.06 | $516,792 | $200,877 | $339,915 |
| 2035-04 | $2,022.62 | $507.37 | $1,515.25 | $0.00 | $279,232 | $3,134.52 | $518,067 | $202,570 | $343,165 |
| 2035-05 | $2,022.62 | $510.11 | $1,512.51 | $0.00 | $278,722 | $3,136.99 | $519,344 | $204,268 | $346,426 |
| 2035-06 | $2,022.62 | $512.88 | $1,509.74 | $0.00 | $278,209 | $3,139.47 | $520,625 | $205,972 | $349,698 |
| 2035-07 | $2,022.62 | $515.65 | $1,506.97 | $0.00 | $277,693 | $3,141.93 | $521,909 | $207,682 | $352,981 |
| 2035-08 | $2,022.62 | $518.45 | $1,504.17 | $0.00 | $277,175 | $3,144.42 | $523,196 | $209,398 | $356,275 |
| 2035-09 | $2,022.62 | $521.26 | $1,501.36 | $0.00 | $276,654 | $3,146.91 | $524,487 | $211,119 | $359,579 |
| 2035-10 | $2,022.62 | $524.08 | $1,498.54 | $0.00 | $276,130 | $3,149.40 | $525,780 | $212,846 | $362,895 |
| 2035-11 | $2,022.62 | $526.92 | $1,495.70 | $0.00 | $275,603 | $3,151.90 | $527,077 | $214,579 | $366,221 |
| 2035-12 | $2,022.62 | $529.77 | $1,492.85 | $0.00 | $275,073 | $3,154.41 | $528,377 | $216,318 | $369,559 |
| 2036-01 | $2,022.62 | $532.64 | $1,489.98 | $0.00 | $274,540 | $3,156.91 | $529,680 | $218,062 | $372,908 |
| 2036-02 | $2,022.62 | $535.53 | $1,487.09 | $0.00 | $274,005 | $3,159.43 | $530,986 | $219,813 | $376,268 |
| 2036-03 | $2,022.62 | $538.43 | $1,484.19 | $0.00 | $273,466 | $3,161.96 | $532,296 | $221,569 | $379,639 |
| 2036-04 | $2,022.62 | $541.34 | $1,481.28 | $0.00 | $272,925 | $3,164.48 | $533,609 | $223,331 | $383,021 |
| 2036-05 | $2,022.62 | $544.28 | $1,478.34 | $0.00 | $272,381 | $3,167.01 | $534,925 | $225,099 | $386,414 |
| 2036-06 | $2,022.62 | $547.22 | $1,475.40 | $0.00 | $271,833 | $3,169.54 | $536,244 | $226,874 | $389,819 |
| 2036-07 | $2,022.62 | $550.19 | $1,472.43 | $0.00 | $271,283 | $3,172.09 | $537,567 | $228,654 | $393,235 |
Data X-Ray
Inputs, observations, derivations, and projections
Observed data · unavailable
No approved active housing release is attached to this scenario. Historical labels remain manual benchmarks until import approval.
Derived · engine v1
Payment, cent-level ledger, balances, equity, portfolios, crossover, and rate-price equivalents share one deterministic engine.
Projected · displayed
Appreciation 3%, rent growth 3%, return 5%, maintenance 1%.
Local market weather
Local defaults are gated. This run uses explicit manual/national assumptions.
HMDA distribution
Disabled pending methodology, privacy, and source approval.
Dollar basis
All displayed totals are nominal dollars.
Corrections
Engine mortgage-engine/1.0.0; methodology mortgage-methodology/1.0.0. Report a correction through the linked site process.
Methodology and limits
This is an educational monthly model, not a lender quote, Loan Estimate, appraisal, tax bill, insurance quote, investment recommendation, or prediction. It does not use exact addresses, credit data, income documents, bank information, or lender credentials. Actual servicing can differ because of posting rules, escrow, day-count, fees, and rounding.
The tax-benefit model is off. Maintenance is an editable reserve. Principal is not counted as both cost and wealth. Selling costs are included in liquidation equity, and investment opportunity cost is modeled once through a symmetrical portfolio.
