Additional Principle: $223.05
New Balance: $112,459.74
The pay off date is June 2033. If I continue to pay the minimum on my loan, I will now pay $47,191.62 in interest (plus the $22,233.51 I've already paid to date-- totaling $69,425.13). The original amount of interest I was going to pay on my first loan was $116,404.23.
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 refinance appraisal hit $150k so I think its safe to say our condo is still worth $120k), then we have $7,540.26 in equity.
Leaving us only $4,732.69 in the hole after 3 years, 10 months.
If we use our home appraisal figure of $150,000.00, we have $37,540.26 in equity, giving us a gain of $25,267.31.
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 and being subjected to a pet deposit and pet rent). For 2013 we have spent $6,227.54 to live in our condo, instead of $9,527.00 to live in the apartment.
If I sold the condo tomorrow, I'd have to sell the property for $124,672.80 to break even..