Inch by inch, row by row....
Mar. 28th, 2012 04:34 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
captainsblogI went to print out our monthly mortgage statement- a somewhat redundant effort since we pay it through an online service but I'm anal about those kinds of records- and found two cool things resulting from our March payment.
One, for I think the first time ever, we owe less than $100k on this house. Not a lot less, but it's one of those benchmarks- like $4.00 a gallon gas- that just seems significant.
Even more immediate happiness comes from the fact that our monthly payment just went down close to $75 a month. That's not a direct consequence of the balance going below 100k, but it's based on a similar calculation of loan-to-value. We no longer have to piss away a non-deductible mortgage insurance premium in that amount, each and every month, as we have for every month we've been homeowners (except the one FHA loan we had in Rochester, where we paid the equivalent of it upfront at closing and likewise never saw a dime of benefit off of it).
We have no intention of moving up or moving on from this home; it's become an integral part of who we are. But having the extra flexibility if we suddenly had to for some bizarre reason, or to refinance down the line, gives me a warm and fuzzy feeling.
The couple across the street from us, who had their second baby last year, are now trying to sell their house again. It barely registered a blip last spring when they tried the first time, and this time they're pricing it only $15,000 above what they paid for it six years ago. They had a lot of traffic at their first open house on Sunday, but even if they get full asking price, they'll be lucky to take half of that "equity" out of the deal by the time they pay the realtor (oddly, the same firm that tortured us selling both of our houses in Rochester where they're much bigger and better-known) and their other closing costs.
I like where we are almost as much as I like who we are:)
One, for I think the first time ever, we owe less than $100k on this house. Not a lot less, but it's one of those benchmarks- like $4.00 a gallon gas- that just seems significant.
Even more immediate happiness comes from the fact that our monthly payment just went down close to $75 a month. That's not a direct consequence of the balance going below 100k, but it's based on a similar calculation of loan-to-value. We no longer have to piss away a non-deductible mortgage insurance premium in that amount, each and every month, as we have for every month we've been homeowners (except the one FHA loan we had in Rochester, where we paid the equivalent of it upfront at closing and likewise never saw a dime of benefit off of it).
We have no intention of moving up or moving on from this home; it's become an integral part of who we are. But having the extra flexibility if we suddenly had to for some bizarre reason, or to refinance down the line, gives me a warm and fuzzy feeling.
The couple across the street from us, who had their second baby last year, are now trying to sell their house again. It barely registered a blip last spring when they tried the first time, and this time they're pricing it only $15,000 above what they paid for it six years ago. They had a lot of traffic at their first open house on Sunday, but even if they get full asking price, they'll be lucky to take half of that "equity" out of the deal by the time they pay the realtor (oddly, the same firm that tortured us selling both of our houses in Rochester where they're much bigger and better-known) and their other closing costs.
I like where we are almost as much as I like who we are:)
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no subject
Date: 2012-03-28 09:09 pm (UTC)Also, nice title to your post. Now I have an earworm.
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Date: 2012-03-28 09:28 pm (UTC)no subject
Date: 2012-03-29 11:53 am (UTC)