New Balance: $114,006.38
The pay off date is still January 2039... 8 months ahead of schedule. If I continue to pay the minimum on my loan, I will pay $111,996.75 (last months figure was off) in interest instead of the original $116,404.23, saving me $4,407.58 in interest over the life of the loan... all for parting with $1,339.10 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: $5,993.62
- 2009 Prop Tax Deduction: $90.10
- Electrician costs -$95.00
- TILE Refund $1,265.00
- 2010 Federal tax break $1,087.00*
- 2010 State tax break $461.00*
*The positive difference between what I would have gotten back claiming the standard deduction... and the increased amount from itemizing the housing expenses.*
Current amount in the hole: $7,927.65
If I sold the condo tomorrow, I'd have to sell the property for $138,230.53 Assuming a 6% total commission, enough money to refund the amount i'm in the hole for... & enough money to cover the $8,000.00 tax CREDIT i'd have to repay.
If I wait out the remaining 20 months left on the credit, I'd be able to sell for $122,980.40(assuming 6% total commission)
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... and that money would be going down the drain anyway.
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