Principle paid down: $170.77
Additional Principle: $0.00
New Balance: $109,513.76
The pay off date is still November 2038 which is 10 months ahead of the initial schedule. If I continue to pay the minimum on my loan, I will pay $111,081.60 in interest instead of the original $116,404.23. The extra $1,646.77 I've tossed at the mortgage over the life of the loan has saved us $5,322.63 in interest to date.
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.
If we assume our home is worth at least what we paid for it (which in this market you never really know...), then we have $10,486.24 in equity...
Leaving us only $2,576.65 in the hole after 3 years, 8 months.
For 2013, we will again assume our monthly mortgage payments are a wash since its cheaper to OWN our home then to RENT an apartment. Check out Housing Comps 2013 for how we figured that one out. Thus far for 2013 we have spent $5,936.94 to live in our condo, instead of $6,805.00 to live in the apartment.
If I sold the condo tomorrow, I'd have to sell the property for $119,245.12 to break even... which is 7254.88 less than what I paid for it!