Additional Principle: $1,723.17
New Balance: $98,815.10
The pay off date is
We just knocked off almost 5 months (March is like a $20 payment) by paying extra this month!
This also brings us closer to our 5 year goal of moving and having $150,000 of equity when we sell. Right now if we assume our place is worth $220k and we pay 6% closing costs, well have $130,911.63 in 5 years. Only $19,088.37 to go and 59 months to do it!
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 $18,892.76 after 5 yrs & 10 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 $14,073.13 to live in our condo (including all the extra principal payments), instead of $13,904.00 to live in the apartment. This may be the first year we pay more for our condo than apartment, but I think by years end it will even out.