Wednesday, May 21, 2014

Mortgage Update May '14

Principle paid down: $327.64
Interest: $342.32
Additional Principle: $0.19
New Balance: $109,215.37

The pay off date is June 2033. 

If I continue to pay the minimum on my loan, we will end up paying a total of $69,410.24 in interest over the course of our entire loan. 

Before our refinance, we would have paid $116,404.23 in interest.

Getting the Keys...

It took me $7,057.08 to get the keys to my condo and then I spent another $17,672.29 to remodel and repair it... In short, I was -$24,729.37 in the hole on day one...
  • In 2009 I got the First Time Home buyer's Credit giving us $8,000.00. I also got to write off some of the property tax I paid in addition to taking the standard deduction. This gave us an extra $90.10... but then I had to pay an Electrician $95.00 to fix an outlet... We also got a refund from my botched tile job that gave us another $1,265.00.
  • In 2010 I saved $1,087.00 on my federal taxes and $461.00 on my State taxes from itemizing my homeowners expenses. (This is what I received ABOVE what I would have gotten back with just the standard deduction).
  • In 2011 I spent $12.97 at home depot and $72.29 on a kitchen door. When we subtract those costs from what we saved by living in our condo instead of renting, we came out ahead $494.04 (See Mortgage Update + Condo Costs December '11 for that break down.) We also received a small $70 refund check from over paid closing costs. We didn't Itemize our taxes in 2011.
  • In 2012 we finished our Kitchen/Laundry door which cost us $103.24.. We also replaced both our glass slider doors which cost us $2,957.00... and repaired our dryer for $81.42....It ended up being $3,383.47 cheaper to OWN our condo than to rent an apartment on a monthly basis, (See Housing Costs 2012 for the break down) so even after we subtract the windows and other minor repairs, we still came out ahead $241.81 by owning our condo instead of renting...
  • In 2013 we got $52.53 back from challenging my property taxes in 2012. I also refinanced our condo, costing us $447.00 up front for our home appraisal... but we got a check back at closing for $747.20 and a check from my old escrow account for $489.74... We also got to skip a mortgage payment too! In addition, they automatically lowered my property tax value, giving us a check for $86.77.. and we saved $5,191.81 by NOT renting a place (see Housing Comps 2013)!! Additionally we ITEMIZED our taxes in 2013, saving $702.45 on a federal taxes and $503.74 on our State Taxes. (This is what we would have owed had we not had our property to write off).
All of that "math" leaves us $5,788.18 in the hole. If we assume our home is worth at least what we paid for it ($120k), we have $10,784.630 in equity...

Leaving us a profit of $4,996.45 after 4 yrs & 8 months!

Even though we broke even at the end of 2013, I still want to keep track of how much money our condo is saving us each year, especially since we are hoping to stay a few more years. For 2014, we will again assume our monthly mortgage payments are going to be a wash since it's cheaper to OWN our home then to RENT an apartment. (Check out Housing Comps 2014 for how we figured that one out). For 2014 we have spent $5,370.40 to live in our condo, instead of $7,205.00 to live in the apartment.
  • Mortgage: $3,349.80 (P&I)
  • Extra Mortgage Principle: $13.76
  • HOA: $1,350.00
  • Property Taxes: $509.39
  • Small Home Repairs/Improvements: $147.45
    • $6.44 fix something under the sink
    • $53.91 New front door deadbolt
    • $87.10 Bathroom Faucet + Tp Holder
So far we have saved $1,834.60 by owning our condo and not renting an apartment in 2014.

Current Housing Market:
  • Sold in last 6 months: $220,000 (January 2014)
  • Asking $260,000
    • Listed 4/10/14
  • Asking $264,900
    • Listed 4/9/14 - $274,000
    • Price Change 5/5/14 - $264,900
  • Asking $265,000
    • Listed 5/8/14
  • Asking $280,000
    • Listed 9/30/13 
    • De-listed 12/18/13
    • Re-listed 1/7/14 - $285,000
    • Price Change 5/9/14 - $280,000
  • Asking $280,000
    • Listed 4/22/14 - $280,000
    • De-listed 5/1/14
  • Asking $289,000
    • Listed 4/17/14 - $289,000
  • Sold in the last 6 months: $228,000.00 (April, 2014)
  • Sold in the last 6 months: $255,000.00 (February, 2014)
  • Sold in the last 6 months: $255,000.00 (February, 2014)

Based on the current market, my unit would sell for north of $200k as a 1 bedroom in awesome condition because the 2 bedrooms in decent condition are listed for 280k.... the fixer-uppers are 260k. 

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