Principle paid down: $157.26
New Balance: $112,615.47
It's the end of the year and that means I get to factor in my savings from owning instead of renting! Woot!
But first the important stuff. The pay off date is still January 2039 which is 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 extra $1,339.10 I've tossed at the mortgage has saved us $4,407.58 (not bad).
It took us $7,057.08 to get the keys to my condo... and another $17,672.29 to remodel and repair it...
In short, we were -$24,729.37 in the hole on day one...
But thankfully the hole is getting filled in a little bit each and every month.
- In 2009 I got the First Time Home buyer's Credit giving us $8,000.00 & I got to write off some of the property tax I paid on in addition to taking the standard deduction giving us an extra $90.10 in our pocket. But then I had to pay an Electrician $95.00 to fix an outlet... but the refund from my botched tile job gave us $1,265.00
- In 2010 I saved $1,087.00 on my federal taxes and $461.00 on my State taxes from itemizing my homeowners expenses. (This is what I received ABOVE what I would have with just the standard deduction). I also spent $12.97 at home depot, and $72.29 on a kitchen door... but received a small $70 refund from closing costs that were overpaid.
- But if we assume our home is worth what we paid for, we have $7,384.53 in equity...
Since this is the end of the year, I get to factor in how much money I saved owning instead of renting!
An apartment would cost us $14,202.00 for the year, or $1,183.50 a month. This figure includes the rent, trash, water, gas, laundry, & renters insurance. It also assumes I stayed in the previous unit i did the year before so I wouldn't have had moving costs or a new security deposit. I took this rate back in November of 2010 (when I would have had to lock in a new lease if i'd stayed at my old apartment).
Our condo on the other hand only costs us $13,365.16 for the year, or $1,113.77 a month
- Mortgage (MIP, Property taxes, Insurance, Mortgage) = $808.18 a month $9,698.16 a year.
- HOA (includes all utilities but electric) ($250 for 6 months, $262.50 for 6 months) = $3,075.00 a year
- Earthquake Insurance: $257 a year
- Homeowners Insurance: $335 a year
To date for 2011 I've added: $257.54 in Extra principal payments and spent $12.97 +$72.29 in repairs/modifications, leaving me with $494.04 in the buffer zone... when I add that to the hole were trying to dig out of, were left with
$6,057.96 in the hole.
If I sold the condo tomorrow, I'd have to sell the property for $134,759.11 to break even.
- This assumes a 6% total commission ($8,085.55)
- Enough money to refund the amount i'm in the hole for ($6,057.96)
- and enough money to cover the first time homeowners tax credit i'd have to repay for not living in the property for 3 years. ($8,000.00)
- Assuming 6% total commission ($7,348.31)
- and enough money to refund the amount I would be in the hole for 10 months down the line ($4,282.10)