Assets:
NT's UK pensions:
#1: 17,105 pounds ($27,368)
#2: 19,653 pounds ($31,445)
#3: 4,452 pounds ($7,123)
NT's 401(k): $31,196
NT's Roth IRA: $7,373
AS's 401(k): $13,484
AS's trad. IRA: $1,682
AS's Roth IRA: $19,796
CJ's 401(k): $73,696
CJ's Roth IRA: $7,373
NT's flat: 140,000 pounds ($224,000)
CJ & AS's condo: $145,000
House down payment fund (shared): $27,836
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Total Assets: $617,372
Total Debt: $237,527
Current Estimated Net Worth: $379,845
June 2014 estimate: $375,997
Change in net worth: +$3,848
Summary: An OK growth month. We would have gone up about $450 more had we made our Roth IRA contributions, but those are on hold until December (we'll do make-up contributions for all the months we miss between now and then).
Next month, expect way bigger debt but also way bigger home value!
I included U.S. savings for a home in our assets, since the money will go toward our down payment on the new home, which will become an asset. I did not include our UK savings, because the UK flat's value listed above is contingent upon the renovations that will wipe out our UK savings.
I'll update the Individual Net Worth page shortly, breaking it out by person.
Notes on the numbers above: House value estimates are approximate. I don't have a way to check NT's UK pensions or flat value, so their values stay static for the purpose of this update (unless I happen to get some info by chance). UK asset values and debt amounts are calculated figuring $1.60 for every British pound.
July 2014 net worth update
July 17th, 2014 at 05:01 am
July 17th, 2014 at 04:11 pm 1405609896
Does buying a duplex as opposed to SFH skew requirement and drive costs.? How will WV windfall affect oh so expensive mortgage insurance? Is it pre-paid for a discount or paid monthly as part of Payment/Tax/Interest{PMI] Insurance?
July 17th, 2014 at 04:28 pm 1405610883
I haven't spoken with my broker about this because I want to keep him focused on getting this mortgage approved, but I'm wondering if we can refinance the mortgage as soon as we close and get rid of $450 per month in PMI right away. That would loosen our budget considerably. Nothing we can do about having to pay 1.75% of the mortgage in upfront PMI (to the tune of $7K+ added to mortgage), but hopefully we can avoid continuing to pay PMI after that.
If the windfall comes, my current thoughts are: Pay off the secondary loan from the seller ($26,500), pay off our loan from our friends ($5,000) which will leave about $18K. If we have to take out an unsecured personal loan to ditch our current mortgage (as it looks like we'll have to do since we can't list our condo for a price that would let us break even due to realtor commission), I would then pay off the unsecured loan. If I had any money left over, probably I'd either put it toward improvements on the new home or to start rebuilding our EF.