Principle paid down: $161.64
Additional Principle: $4.13
New Balance: $111,611.04
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 $111,855.89 in interest instead of the original $116,404.23. The extra $1,384.87 I've tossed at the mortgage to date has saved us $4,548.34 in interest over the life of the loan.
All in all, it took me $7,057.08 to get the keys to my condo... and another $17,672.29 to remodel and repair it...
In short, I was -$24,729.37 in the hole on day one...
But thankfully the hole is getting filled in a little bit each and every year.
We also assume our monthly mortgage 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 one out.
Thus far for 2012 we have spent $6,457.80 to live in our condo (Instead of $8,363.10 for the apartment).
Saving us $1,905.30 so far this year over renting.
If I sold the condo tomorrow, I'd have to sell the property for $132,621.96 to break even.