Why not stay in Santa Monica — if possible? Especially by reducing the cost of living, and improving cash flow. This would be ideal, if it pencils out.
WORK IN PROGRESS
CATEGORY A: HOUSING
Mortgage: currently $2300/month. Could refinance to a new 30-year fixed rate mortgage, maybe 4% fixed. $330K balance at $1575/month, or $250K balance at $1200. (Get a HELOC for emergencies.)
Property tax: $600/month, $7000/year. Jesus.
HOA: $300/month, $3600/year.
Homeowner’s/earthquake insurance: currently $100/month, $1200/year. Assume no change.
Home repair fund: ?
TV: $100/month, $1200/year.
SUBTOTAL A: $2300/month.
CATEGORY B: CAR
Car: currently $1000/month to spring 2014. Trade-in BMW now for a Miata, and eliminate the monthly car payment.
Car insurance: currently $150/month, $1800/year. Assume no change.
Car registration: $70/month, $800/year? Need to check.
Gas: currently $250/month. Assume no change.
Car maintenance fund: estimate?
SUBTOTAL B: over $500/month.
CATEGORY C: FOOD
Food? budget $70/week, $300/month, $3,600/year? Much uncertainty here. Need to get a handle on this number.
Dining out: $600/month?
SUBTOTAL C: $1000/month
CATEGORY D: MEDICAL & DENTAL
Health insurance: ?
Co-pays and Rx: ?
Dental visits: ?
SUBTOTAL D: ?