Payment: $763.86 + $205.14 additional principal
Total principal paid: $464.86
Interest paid: $504.14
Total interest paid on the new loan to date: $16,147.77
Estimated Value: $337,089*
*Until the improvements are finished, we are keeping the value at our property tax level because no one likes an unfinished project.
Before making this payment, our mortgage payoff date was January 2047... But by paying an extra $205.14 this month, our pay off date moved up to December 2046. That $205.14 we tossed out the mortgage this month just saved us $795.24 in interest payments over the life of our loan.
Getting The Keys
If your just catching up with our house buying and selling story, you'll want to check out the re-cap post on our 1 bedroom condo. Our starting profit from the sale of our condo was $181,691.35. From there, we purchased a 2 bedroom condo in the same complex. Our very extensive down payment came from the profits we rolled over from the sale of our first place.- Down payment: $164,000 (100% profit from our first sale)
- Inspection: $300
- Admin/Origination charges: $899
- Processing Fees: $495
- Appraisal: $410
- Flood Cert: $11
- County taxes: $46.78
- Endorsement Fee: $25
- Recording Grant Deed: $9
- Recording Trust Deed: $57
- Notary Fee: $175
- Messenger fee" $25
- Archiving fee: $80
- E-Document fee: $100
- Escrow fee: $798
- Lenders title insurance: $357
- Sub escrow Fee: $37.50
- Recording fees: $150
- Home Owners Insurance: $400
- Prepaid Interest $140.24
- HOA Dues (June) $93.33
- HOA Dues (July) $350
- HOA Processing Fee: $50
- Lender Credits +$6.40
- Seller Credits +$1,200
- Escrow Refund +$572.85
- Refund from INS on old place +$159.91
Money spend to move: $167,834.96.... Remaining Profit from original sale: $14,589.16
We got the keys and the same day we moved in, we also started to remodel. (Yup, after the boxes were out of the u-haul, we ripped out our master bedroom closet the same day as it was broken and jenky as all get out!)... Here's what we have spent so far on the remodel.
- Washer/Dryer, fridge, delivery, install & dryer hoses $2,054.87
- Stove, microwave, delivery, install, and stove plug + Plug labor $1,055.13
- Reverse Osmosis System $233.53
- Tv Mount - Living Room $135.00
- USPS address change $1.00
- Bathroom shower rod, curtain, hooks, tub fixtures $234.47
- Windows / Slider door deposit $690.03
- Portable wire racks (3) $118.22
- 3 Ceiling Fans $382.52
- Laundry Hose Connector $7.52
- Paint Samples, Keys, Impact Driver Accessories. tile samples $60.48
- Tools to remove nails from Cement and boards $27.95
- Electrical Parts $1,213.23
- Electrical Labor $1,850.00
- Ikea Bathroom + Toy Chest $1,266.78
- Paint Prep supplies and ceiling paint $214.28
- Drywall Costs $1,380.00
- Heater Repairs $1,146.94
- Painting Supplies $340.62
- Home Depot Supplies (Bathroom /shower) supplies $77.98
- Tub resurface $500.00
- Paint, Door Measure $124.72
- Home depot Vents and Spray paint $54.07
- Window coverings / Curtains/Rods $320.42
- Windows / Sliders /Final $6,210.27
- Paver stones, 2 plants, plastic sheeting $130.25
- *2017 Tax savings (Federal) -$1,125.00
- *2017 Tax savings (State) -$768.00
- **2017 "living in our condo savings" 6 months -$4,715.50
- Home depot / CED - odds and ends $38.48
- Ceiling Paint $24.49
- Wardrobe, kitchen table, bed frame (Deliver $59) $1,215.09
- Ikea (hinges, end table, storage cubes) $187.41
- fix bathroom shower handle / Coat hook $28.45
- Front door and interror doors $2,468.17
- New shower + install +Fixtures $7,740.00
- Water Shut Off $150.00
- City Permits - Shower $170.50
- Tools for tile removal $181.78
- **2018 "living in our condo savings" 12 months -$7,227.33
- *2018 Tax savings - State -$594.60
- Another 3 Ceiling fans $258.50
- Grinder tool $34.41
- Air compressor, air hammer/chizzle / oil / tile removal supplies $339.77
- Hall curtains and rod $ 50.86
- Chizzle, grinding dust shroud, wheel $80.56
- Living Room cabinets part 1 $543.06
- Kitchen Cabinets - reborn cabinets $7,655.00
- Home Depot -- sink faucet $ 218.70
- Sink install $253.00
- **2019 "Living in our condo Savings" 12 months -$9,148.35
*When we file our taxes for the year, I always factor in what our return would be BEFORE our mortgage expenses are entered in, if we can itemize. For 2017, we were able to write off over $7,000 and the amounts listed in the chart above are just the amount we got back from our mortgage and property tax deductions, and the sale of our condo which had some deductible fees and what have you. For 2018, we only saved on our state taxes, not having enough deductions to itemize our federal return.
**We also track how much cheaper it is to be homeowners vs. renters. Our 2 bedroom housing comps tell us that to rent a 2 bedroom for the first 6 months would cost us $13,156 verses $8,440.50 to be homeowners (That's 6 months of Mortgage payments, Prop Tax, HOA, and Earthquake insurance expenses since our Homeowner insurance was purchased in escrow.) So that's how we get our $4,715.50 "living in our condo savings" for 2017. For 2018, we used the same numbers and the difference was $7,227.33. For 2019, we used these factors in 2019 Housing Comps, and saved $9,148.35.
Amount we are currently in the hole for: $3,300.57 and were still making improvements slowly, because we pay cash for improvements and generally do one big thing each year. 2020 is the year of the floors, which will complete our renovation, allowing us to put in the built in cabinets in the living room and finally be done!
We also have $186,105.37 in equity, if we assume the property tax value of our unit is accurate at $337,089. If we were to sell our condo today after 6% commission fees and another $4,000 in closings costs, (plus the amount we are in the hole for) we would walk away with $158,579.46 verses the $181,691.35 profit we had before we bought this place.
So we are $23,111.89 away from truly breaking even on this property and recouping all the funds we have spent on improving our new home. I think within the next 2-3 years, we will fully break even on this investment since the cost of apartment living is so high in comparison, and this should be our last spend-y year on improvements.
Amount we are currently in the hole for: $3,300.57 and were still making improvements slowly, because we pay cash for improvements and generally do one big thing each year. 2020 is the year of the floors, which will complete our renovation, allowing us to put in the built in cabinets in the living room and finally be done!
We also have $186,105.37 in equity, if we assume the property tax value of our unit is accurate at $337,089. If we were to sell our condo today after 6% commission fees and another $4,000 in closings costs, (plus the amount we are in the hole for) we would walk away with $158,579.46 verses the $181,691.35 profit we had before we bought this place.
So we are $23,111.89 away from truly breaking even on this property and recouping all the funds we have spent on improving our new home. I think within the next 2-3 years, we will fully break even on this investment since the cost of apartment living is so high in comparison, and this should be our last spend-y year on improvements.
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