Principle paid down: $155.21
Interest: $495.43
New Balance: $113,085.19
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)
- First Time Home buyer's Credit: +$8,000.00
- Current equity: +$6,914.81 (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: -$7,019.43
If I sold the condo tomorrow, I'd have to sell the property for $136,303.68 to break even.
- This assumes a 6% total commission ($8,178.22)
- Enough money to refund the amount i'm in the hole for ($7,019.43)
- 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 that started in November].
- Condo: $13,356.24 for the year, or $1,113.02 a month [this figure includes my mortgage, hoa- (which includes water, trash, & gas utilities), taxes, mip, earthquake insurance, and homeowner insurance.]
Just curious as to why you kept track of Home Depot expenses and stuff like that in the tally. I've never seen anyone do that before, shouldn't it be a sunk cost?
ReplyDeleteA lot of my calculations are based upon the fact that its cheaper to OWN my home on a monthly basis then it is to rent an apartment before tax breaks are even considered.
ReplyDeleteTherefore, any expense I wouldn't have had to make if I was in an apartment is getting added to the amount we are "in the hole for" since I look at all my monthly payments as a wash since they would be down the drain renting anyway.
To add on to that, if I had to repair or replace a door, the stove, or the dishwasher, I'd add that in as an expense since those things are normally fixed in an apartment by the apartment staff/landlord.
ReplyDeleteIf the washing machine or the fridge broke I wouldn't add those in since those were supplied by me in my apartment (where I get new comp figures every November to use so I keep things current with the market and a new 1 year lease when my old lease would have expired)