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|
|Other Real Estate||$0||$0||–|
|Total Assets||$209,608||$140,803||204.64 %|
|Debts||$ Diff||% Diff|
|Student Loans||$7,358||($50)||-0.67 %|
|Credit Card||$84||$69||460.00 %|
|Total Debts||$110,425||$103,002||1,387.61 %|
|Net Worth||$99,183||$37,801||61.58 %|