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We are moving to the Dallas area to start my new job and I thought I would try to figure out what owning our current house cost us. We bought the house in July 2008 for $513,000 with 5% down on a 30 year loan (mistake #1). We re-financed 2 times and each time it reset to another 30 year term (mistakes #2 & #3). The house is currently worth $515,000. It went down to $380,000 in 2010, so mistake #1 put us well under water. Luckily, we had time to recover.
As far as I can tell from my budget data, this is what we have spent on this house:
$405,900 PITI (123 mo x $3,300 / mo)
$15,000 new deck
$8,000 landscaping
$6,000 replace windows
$24,600 regular maintenance
$459,500 Total spent so far
We still owe $410,000 on the mortgage. So we should net $95,000 from the sale (company pays all closing costs, which helps a lot).
So we have spent $364,500 net on a place to live for the last 123 months. That's $2,963 / month. Ouch.
Not sure what to make of all this other than home ownership is expensive. Makes me wonder why we just didn't rent a house for 10 years.
As far as I can tell from my budget data, this is what we have spent on this house:
$405,900 PITI (123 mo x $3,300 / mo)
$15,000 new deck
$8,000 landscaping
$6,000 replace windows
$24,600 regular maintenance
$459,500 Total spent so far
We still owe $410,000 on the mortgage. So we should net $95,000 from the sale (company pays all closing costs, which helps a lot).
So we have spent $364,500 net on a place to live for the last 123 months. That's $2,963 / month. Ouch.
Not sure what to make of all this other than home ownership is expensive. Makes me wonder why we just didn't rent a house for 10 years.
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