Updating the condo Costs.

I finally took the time to look up how much paying for my property taxes saved me on my tax return last year.

I didn't know if it was a "credit" or a deduction. It was a deduction, so it saved me $90.10 since without it, I would have landed a few hundread dollars in the 25% tax bracket.

I think last year was the last year you could use the deduction. This year i'll be itemizing, but in 2012 I think we may end up take the married standard deduction because I'm not sure well have enough to benefit by itemizing our taxes.

So, here's the updated costs.


New Balance: $114,713.93
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 $112,852.75 in interest instead of the $116,404.23... Saving me $3,551.48 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)
2009 Prop Tax Deduction: $90.10
Electrician costs -$95.00
TILE Refund $1,265.00

Current amount in the hole: $10,184.34
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 $141,400.00 (assuming a 6% commission) to break even on the property (all the renovations, etc)and because i'd have to give back the $8,000.00 tax CREDIT 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 of the apartment complex i'd be living in if I hadn't bought my condo.