I bought a home! I took one more step toward the American dream. I am a homeowner. If it were 1779, I just qualified to vote.
As you can see, I spent pretty much all of my cash. My down payment and closing costs came to about $34,000 all together. I sold stocks and used cash for the purchase, but I did not have to touch my Roth IRA and did not have to make any major changes to my spending or savings habits.
According to Zillow, I made quite a deal when I purchased my new condo. I had an instant equity gain by purchasing below the “market value” of the home. Of course, the value is really only what someone is willing to pay for it. But I also took on over $100,000 in debt from my new mortgage loan. All in, I am $110,000 in debt. That sounds like a lot, but I have big plans to pay it off quickly.
The breakdown is below:
Assets | $ Diff | % Diff | |
Cash | $1,904 | ($29,440) | -93.93 % |
Stocks | $429 | ($6,829) | -94.09 % |
Bonds | $0 | $0 | – |
Annuities | $0 | $0 | – |
Retirement | $17,420 | $2,069 | 13.48 % |
Home | $175,000 | $175,000 | – |
Other Real Estate | $0 | $0 | – |
Cars | $14,528 | $0 | 0.00 % |
Personal Property | $0 | $0 | – |
Other | $327 | $3 | 0.93 % |
Total Assets | $209,608 | $140,803 | 204.64 % |
Debts | $ Diff | % Diff | |
Home Mortgage(s) | $102,983 | $102,983 | – |
Other Mortgage(s) | $0 | $0 | – |
Student Loans | $7,358 | ($50) | -0.67 % |
Credit Card | $84 | $69 | 460.00 % |
Car Loans | $0 | $0 | – |
Other | $0 | $0 | – |
Total Debts | $110,425 | $103,002 | 1,387.61 % |
Net Worth | $99,183 | $37,801 | 61.58 % |
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