Condo purchase spreadsheet: Source of funds

In my last post, I talked about how I’ve used a gazillion spreadsheets in my analysis of the costs. Today, I’m going to talk about my “Source of funds” spreadsheet.

I have plenty of spreadsheets that list my Net Worth in various ways, but I found that I was having troubles remembering where exactly the money was coming from for each piece of buying my condo. Solution? Make a spreadsheet!

In the far left column, I have the use of the funds:

  • Earnest money (A)
  • Down payment (B)
  • Closing and moving costs (C)
  • Other cash funds (for completeness, not being used)
  • Retirement funds (for completeness as well)

The next column describes where the funds came from. Here are some examples:

  • Down payment savings account at credit union
  • Proceeds from selling stocks
  • Car replacement funds in certificate at Ally
  • Down payment savings account at Ally
  • Down payment certificates at Ally
  • Taxable money market fund
  • Emergency reserves (partial)

I found numbers (including partial balances on a particular source) that added up to the amount necessary for the earnest money, for the down payment, and for closing and moving costs. I took the leftover funds from the accounts used for A and B and added those the account with my emergency reserves. So when I go over the leftover amount for closing and moving costs, I will dip into my $18,000 or 6 month emergency fund.

For good measure, I followed the same method of describing the source for all of my other cash and retirement funds that I’m not touching, so that I have a complete picture of my finances in this spreadsheet.

In another spreadsheet, I have a plan for how I will pay back the various savings buckets next year, monthly and with my bonuses.

I plan on putting exactly 20% down on my place, so I may have some funds leftover at closing that will leave my emergency fund at a reasonably healthy level.

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