The balance will actually be a few dollars in my favor... but the online bill pay was down on Friday, & since Monday is a holiday I won't be able to get exact numbers till Wednesday and i'm impacient and forgetful... so this month will be a little estimation. (I justed used the same amount of interest I paid last month in the calculations.) So, here's the updated costs.
New Balance: $114,481.00
The pay off date (assuming just the minimum monthly payment) is NOW February 2039... 7 months ahead of schedule. =)
If I continue to pay the minimum on my loan, I will pay $112,574.16 in interest instead of the $116,404.23... Saving me $3,830.07 in interest over the life of the loan... all for parting with $1,081.56 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: $5,519 (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: $9,950.27
Hopefully when I do my taxes, i'll be somewhere under the $9,000 range because I get to Itemize for 2010!
If I sold the condo tomorrow, I'd have to sell the property for $141,000.00 Assuming a 6% commission & enough money to refund the amount i'm in the hole for... plus the $8,000.00 tax CREDIT to the government.
If I wait out the remaining 22 months (and use the appropriate estimated principle invested in the property at that time), I'd be able to sell for $125,100.00(assuming 6% commission) to recoup all costs. =)
Just FYI-
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.
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