New Balance: $113,854.52
This is the first month we haven't paid any extra on the mortgage... $498.78 went to interest, $151.86 went to principle.
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 in interest instead of the original $116,404.23. Over the life of the loan I have saved $4,407.58 ... all for parting with $1,339.10 a little before I had to!
Total Condo Costs:
- Money paid to acquire 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: $6145.48
- 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: $7,775.79
If I sold the condo tomorrow, I'd have to sell the property for $137,923.61 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 19 months left on the credit, I'd be able to sell for $122,980.40(assuming 6% total commission), etc.
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.
No comments:
Post a Comment