MMM Sell or Rent
Market Value: $460,000? Where can I get this info?
Original Purchase price: $455,000. $511/sf, below the average of $530 for our zip code. Not a deal by any means.
Original Mortgage amount: $364,000, with $90,000 down. $45,000 was a 0% loan from my father, current balance is $24,000 at mandatory $3000/month payment (condition of loan)
Interest Rate: 2.375%
Mortgage Term: 5/1 ARM
Term Remaining: Loan began 10/1/13
Amount remaining: $358,000
Gross rents: ~$2700
PI:1414.69
TI: 520.83
HOA: 335
I’d also like to note, when I was calculating PITI just now, I found something headscratching to a newbie like me. I didn't even know what PITI was until reading the example sticky at the top of the forum; pity me.
It looks like taxes and homeowner’s insurance is included in my payment, based on my PI+TI: my morgage payment. But since my property is tax-abated, I assumed that I wasn’t paying taxes in my payments. I got a letter from the city 3/14 asking for a biannual tax abatement service charge, in the form of 3344 every 6 months.
That works to about 557 monthly.
Me being the oblivious, overworked consumer that I am, I dutifully paid it. I was ignorant, and really, really stupid about $ before reading the MMM blogs. Still am but working on it.
The tax abatement service charge should be in LIEU of taxes. Did I doublepay?? Arghhhhh!