Additional Principle: $0.19
New Balance: $107,560.80
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 $6,651.02 after 5 yrs & 1 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 $11,743.71 to live in our condo, instead of $14,410.00 to live in the apartment.
Current Housing Market:
- Sold - $228,000 (April 2014) | $241,000 (July 2014) | $245,000 (May 2014) | $255,000 (September 2014)| $265,000 (September 2014) | 278,000 (July 2014)
Based on the current market, I think my unit would sell for a little north of $200k as a 1 bedroom in awesome condition. I think $220,000 might be a stretch, but my unit is nicer than the current one bedroom on the market... even with all our "baby modifications." Two bedrooms have been sold from $228,000 - $278,000 depending on condition over the last 6 months.