JJVP wrote:You are leaving out labor and equipment cost. I'm sure you did not get the hand loading equipment for free. . . .
The bottom line is that although it still might be cheaper to use handloaded ammo, it is not as cheap as you make it to be. Still very expensive for a 1 min of fun.

First of all, it is a hobby, not a job. Do you charge yourself $ per hour to swim in a pool, hang out at the beach, visit a friend, go for a run, or go to church?
However, even if if I were to impute some form of inherent labor cost, I can make about 250-275 rounds of handgun ammunition per man hour (both bullet casting and handloading total). That means that even ammo that is less expensive than .45-70, such as .45 ACP, provides the equivalent savings of about $70 per man hour.
I maintain that almost no-one is a long-term handloader unless the activity is enjoyable to them. If it was simply to save money, most people wouldn't put up with the hassle.
Now let's talk equipment.
MidwayUSA sells
Buffalo Bore Ammunition 44 Remington Magnum 255 Grain Lead Keith-Type Semi-Wadcutter Gas Check Box of 20 for $34.49 per box of 20. That is $172.45 per hundred.
My comparable (if not superior) handloaded .44 magnum, with gas checks, has a variable cost of $11.50 per hundred. In my first 300 rounds of .44 Mag, I saved $482.85.
My equipment costs for my progressive press, dies, and casting equipment was around $500. So I reached payback on the equipment cost after my first 300 rounds of .44 Mag.
Since then, I have loaded roughly 20,000 rounds of various calibers on equipment that had long since paid for itself. In my opinion, judging my savings on incremental variable costs makes perfect sense.