Principle paid down: $0.00
Additional Principle: $0.00
New Balance: $113,000.00
3.75% on a 20 year fixed rate mortgage
The pay off date is now June 2033... which is 65 months (5.41 years) ahead of our old payoff date of November 2038... which was 10 months ahead of the initial schedule from our first loan.
If I continue to pay the minimum on my loan, I will now pay $47,791.31 in interest (plus the $21,880.76 in interest I paid in just 3.75 years before my refinance) instead of the original $116,404.23. Refinancing is EPIC!
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...
If we assume our home is worth at least what we paid for it $120,000.00 (Our appraisal hit $150k so I think its safe to say our condo is still worth $120k), then we have $7,000.00 in equity.
Leaving us only $5,272.95 in the hole after 3 years, 9 months. If we use our home appraisal figure of $150,000.00, we have $37,000.00 in equity, giving us a gain of $24,727.05.
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 (and those rental figures do not include us getting a pet 6 months into the year either!). For 2013 we have spent $6,199.44 to live in our condo, instead of $8,166 to live in the apartment.
If I sold the condo tomorrow, I'd have to sell the property for $125,822.29 to break even..