Quote:
Originally Posted by kstew43
I do own a home in Leesburg,55+ community, established right about the same time as TV. we have no bond being in Lake county and our millage tax rate is I think slightly higher than our home in Sumter.
But we do not have a bond attached, and If I look at my Sumter county home(bond paid at closing) vs the Lake county home, it doesn't add up to the difference of financing a bond.
$25,000 x 30 years at 7 percent adds an additional $19000 interest financed over the 30 years.
out of your pocket..
I know you will say, I will never live that long......but that house will forever have a bond payment, 30 years anyway, whether you pay it or not. Somebody will.
Funny how everyone thought the bond was to be placed into the home price in Lake.....But financialy, the developer will make lots more money adding a bond rather than raising the price of the home.
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Agree, but your math may be a bit off. The interest actually is higher than the principal in our case. I just looked at my amortization schedule for a villa we have.
The bond principal = 11,929
Interest over 30y = 14,047
Admin costs. =. 1,658
Total. = 27,635
The interest rate = 6.125
Also, not deductible on federal taxes.
Amortization tables are available at districtgov.org .