Principle paid down: $162.63
Additional Principle: $6.54 + 62.91
New Balance: $111,378.96
The overage paid to my property tax account was credited as a principle balance this month, which is where that extra $62.91 came from.
The pay off date is now December 2038 which is 9 months ahead of the initial schedule. If I continue to pay the minimum on my loan, I will pay $111,647.20 in interest instead of the original $116,404.23. The extra $1,454.32 I've tossed at the mortgage over the life of the loan has saved us $4,757.03 in interest.
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 $7,600.12 to live in our condo (Instead of $9,756.95 for the apartment).
Saving us $2,156.83 so far this year over renting.
If I sold the condo tomorrow, I'd have to sell the property for $132,128.20 to break even.