Principle paid down: $157.95
New Balance: $112,457.52
The pay off date is still January 2039 which is 8 months ahead of schedule and 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 to date 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 also got to write off some of the property tax I paid in addition to taking the standard deduction. This gave us an extra $90.10 which was basically erased when I had to pay an Electrician $95.00 to fix an outlet... Then the refund I got 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).
- In 2011 I spent $12.97 at home depot, and $72.29 on a kitchen door, but I received a small $70 refund check from closing costs. We also saved $494.04 by living in our condo instead of renting (See Mortgage Update + Condo Costs December '11 for the break down.) Since we tied the knot in 2011 we won't be able to itemize our housing costs so there's no savings there.
- If we assume our home is worth what we paid for, then we have $7,542.48 in equity...
We also assume our monthly payments are a wash since its cheaper to OWN our home then to RENT an apartment. Check out Housing Comps 2012 for how we figured that out.
If I sold the condo tomorrow, I'd have to sell the property for $134,591.54 to break even.
- This assumes a 6% total commission ($8,075.49)
- Enough money to refund the amount i'm in the hole for ($5900.01)
- 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 9 months down the line ($4,282.10)