I added up everything... including some things i've yet to pay for (installation of my wall A/C unit... the second half of my plantation shutters) but here's the break down of the final costs for my condo:
Money paid to aquire the property and get keys:
$7,057.08
Money Spent to Remodel and Repair Property:
$17,798.89
total: $24,855.97
First Time Home buyers Credit: $8,000.00
Current equity: $2,581.23 (not including any change in value the upgrades gave me)
amount in the hole: $14,274.74
when I file my taxes, if i'm able to itemize, i'll deduct the money I saved by itemizing that money from the money I'm in the hole for.
Starting in January, I'll be paying an additional $54.22 a month on my mortgage (1/12 a payment)... which brings ownership costs to $1,132.60 a month including HOA and taxes... ruffly the amount of a one bedroom apartment so my comparrison plan should work nicely to find a happy break even point on my condo.
you will actually be further ahead than 1 payment a year.
ReplyDeleteWhen you got your loan they should of given you a print out that shows how much of each payment goes to interest and how much to principle. If you make 1 additional payment of the amount of the principle you will in effect take 1 month off everytime you make a payment. If you do this for a year you will in fact take 1 year off your loan and save your self a bunch of interest.