Mortgage Update October '14

Principle paid down: $332.80
Interest: $3337.16
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...

• 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 $12,439.20 in equity...

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.

• Mortgage: $7,106.39 (P&I)
• Extra Mortgage Principle: $14.52
• HOA: $2,505.00
• Property Taxes: $611.80
• Homeowners + Earthquake Insurance: $530.00
• Small Home Repairs/Improvements: $976.00
• $6.44 fix something under the sink
• $53.91 New front door deadbolt
• $87.10 Bathroom Faucet + Tp Holder
• $47.35 (Bathroom Fan)
• $155.20 (Attic Foil)
• $626.00 (Paint, Can Lights, Electrical, Ceiling Fan)

So far we have saved $2,666.26 by owning our condo and not renting an apartment in 2014.

Current Housing Market:
One-Bedrooms 

• Asking $220,000
• Listed August 27, 2014
• Sold: $220,000 (January 2014)

Two-Bedrooms

• Asking $239,900
• Listed 4/9/14 - $274,000
• Price Change 5/5/14 - $264,900
• Price Change 6/3/14 - $269,900
• Price Change 7/31/14 - $259,900
• Price Change 8/27/14 - $249,900
• Price Change 9/22/14 - $239,900
• Asking $248,000
• Listed 4/22/14 - $280,000
• De-listed 5/1/14
• Price Change - $272,000
• Listed 8/23/14 - $264,000
• Price Changed 248,000
• Asking $250,000
• Listed 8/19/14 - $250,000
• Asking $278,000
• Listed 5/8/14 - $265,000
• De-listed 6/18/14
• Re-listed 8/27/14 $278,000
• 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.