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...
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.
Current Housing Market:
- Asking $264,900
- Listed 4/9/14 - $274,000
- Price Change 5/5/14 - $264,900
- Asking $265,000
- Listed 5/8/14
- Asking $289,000
- Listed 4/17/14 - $289,000
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.