Additional Principle: $0.00
New Balance: $106,218.63
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 $11,489.23 after 5 yrs & 5 months!
For 2015, 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 2015 for how we figured that one out). So far in 2015 we spent $2,154.00 to live in our condo, instead of $3,476.00 to live in the apartment.