Another high water mark for June.
The numbers would have been even higher if we hadn’t refinanced our mortgage. Let me explain.
When we bought our home last year, the best rate we got was 7.25%. Talks of multiple rate cuts by the Feds had us thinking that we’d refinance anyway in the not too distant future. In May, all murmur of rate cuts had died down. We shopped around for refinance rates. Got offered 5.875% by paying a bunch of points, with a lower monthly payment. But the math worked out – that is, we end up paying a lot less in overall interest, if we made the same monthly payment with the 7.25% rate.
So with closing costs and points baked into the new mortgage, the loan stood at $370k, up from the $355k at end of May.
We also paid the last tranche of payments to contractors for work around the house. This concludes all the big work that we had planned and budgeted for this year. Some of it was mandated by city code, some we wanted done. Since we moved, we have spent around $28k on material and labor, and countless other hours of sweat and wait.
Life in our neck of the woods has been pretty good. Mostly a mild summer, with lots of rain. We decided to not do extended summer travels as we’re going on (another) international trip later this year.
Hope you all are doing well, wherever you’re reading this from. Cheers!
Net Worth, Anon 