Sheltering in Place: Santa Monica

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:  ?

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