Case study: My mortgage interest statements

Dec. 18, 2018

Introduction

I like to build good habit to keep tracking of all expenses. Today I just quickly went over the mortgage interest statement of a home in Boca Raton. I only can find 9 years mortgage interest statement.

Case study

Here is the interest I paid from 2010 to 2017. I did not have all statements.

Facts to review

1. I could not find all mortgage interest statements
2. The interest rate makes huge difference, 2000 year interest rate is 7.125. The loan I got in 1999 is less than US Dollars $25,875.00
3. I need to build good habit, document all expenses; Try to work on basic things.

Idea to recover the data is to look up the prime rate, or I can search all my paper work again.

1999 closing facts:


Purchase price:  $345,00.00
Earnest money: 1671.80
Mortgage amount: $25,875.00
Interest rate: 7.125%
120 months

Cash $9094
Total cost: $36,694.72


Go over second time to help me understand the process.

1999 closing facts:

I met the owner who owned #25, since I still rent the place #22 with my roommate; I took the price to go for the purchase.
Purchase price:  $345,00.00

I paid deposit first, called earnest money.
Earnest money: $1671.80

I visited Amtrust bank to get loan.

Mortgage amount: $25,875.00
Interest rate: 7.125%
120 months

In total, I paid those cash amount. My saving is around $10,000 since I purchased a Ford Explorer in March, $3000 down payment, monthly payment $375.00. I had a job to pay $3600 monthly.

Cash $9094

In 2010, I left USA to immigrate to Canada. My home equity line used is $38,000 dollars. I took cash $18,000 dollars with me. I paid floor ($3900, 2003), new AC ($1900, 2003), refrigerator($500, 1999), furniture over $4000.00, condo association fee over $15,000 (?), property tax ($8000?), interest ($10,000?)

Arguments

 I did not learn the lesson very well after I failed to submit the bank statement for my immigration application in 2007; Later in 2009 I spent over 10 months to file appeal for leave; I still had the habit to ignore the basic book keeping, record and review and audit from 1984 to 2017.

 It is hard to break bad habit. It takes a lot of effort to find the problem in my personal finance, I have to be very humble, find things I can control and work hard on those things first.

Follow up

Feb 7, 2019
I found two more mortgage interest statements.
2002 interest statement $1465.19
2006 interest statement $1405.21

Another two statements were found today. I learn that it takes time for me to get those paper work organized.

It takes time for me to learn how to get organized. There are so many areas I can look into, and it is so exciting for me to learn how to manage myself, parent myself to track my expense.