Principle paid down: $154.54
New Balance: $113,240.40
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. The little extra I've tossed at the mortgage has saved us $4,407.58 in interest over the life of the loan.
Total Condo Costs: -$24,729.37
- (Money paid to acquire the property and get keys: -$7,057.08)
- (Money Spent to Remodel and Repair Property: -$17,672.29)
How we are breaking even:
- First Time Home buyer's Credit: +$8,000.00
- Current equity: +$6,759.60 (assuming property is worth the purchase price)
- 2009 Prop Tax Deduction: +$90.10
- Electrician costs 2010 -$95.00
- TILE Refund +$1,265.00
- 2010 Federal tax break +$1,087.00*
- 2010 State tax break +$461.00*
- 2011 Home Depot -$12.97
Current amount in the hole: -$7,174.64
If I sold the condo tomorrow, I'd have to sell the property for $136,651.00 to break even.
- This assumes a 6% total commission ($8,199.06)
- Enough money to refund the amount i'm in the hole for ($7,483.04)
- Enough money to cover the $8,000.00 tax CREDIT i'd have to repay for not living in the property for 3 years. ($8,000.00)
- Assuming 6% total commission ($7,378.82)
- Enough money to refund the amount i would be in the hole for taking into account for the additional principle reductions from 16 more payments ($4,760.88)
- Apartment: $14,202.00 for the year, or $1,183.50 a month [this figure includes the rent, trash, water, gas, laundry, & renters insurance, and it assumes I stayed in the previous unit i did the prior year (ie- no security deposit) and signed a new 12 month lease].
- Condo: $13,281.24 for the year, or $1,106.77 a month [this figure includes my mortgage, hoa- (which includes water, trash, & gas utilities), taxes, mip, earthquake insurance, and homeowner insurance]