I'll be off a tad for this update because I can't access my mortgage information on-line, but it should be pretty accurate, (less than $5 off in my favor).
New Balance: $114,715.07
The pay off date (assuming just the minimum monthly payment) is still MARCH 2039... 6 months ahead of schedule.
If I continue to pay the minimum on my loan, I will pay $112,858.11 in interest instead of the $116,404.23... Saving me $3,546.12 in interest over the life of the loan thus far... all for parting with $996.74 a little before I had to!
Total Condo Costs:
Money paid to aquire the property and get keys: $7,057.08
Money Spent to Remodel and Repair Property: $17,672.29
Total: $24,729.37
First Time Home buyers Credit: $8,000.00
Current equity: $5,284.93 (not including any change in value the upgrades gave me)
Electrician costs -$95.00
TILE Refund $1,265.00
Current amount in the hole: $10,274.22
Hopefully when i get to see how much I saved by itemizing my taxes, i'll be somewhere in the $9,000 range!
If I sold the condo tomorrow, I'd have to sell the property for $142,000.00 (assuming a 6% commission) to break even on the property and get all the money I've put in back because i'd have to give back the $8,000.00 to the government.
If I wait out the remaining 23 months (and use the appropriate estimated principle invested in the property at that time), I'd be able to sell for $130,000 (assuming 6% commission) to recoup all costs. =)
I look at my monthly payments, property taxes, extra mortage principle payments & my HOA dues as a wash because if i add all those up, its equivalent to the market rate to rent a place similar to mine.
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