Quote:
Originally Posted by Stu from NYC
I have heard that before. Since we are only here just over 5 months think we will hold off on paying off the bonds.
Besides favorite wife liked the house and now that we are here lets upgrade this and that.  |
Is that something realtors like to tell people to get them to ignore the bond on a house?
I certainly would insist on making a point of it when selling a house that had the bond paid off, especially if the remaining bond was significant. If you look at the amortization tables for the newly refinanced bonds your still paying a LOT of interest in the early years of the bond just like a mortgage. Unlike mortgages, you can't make extra principal payments so you are really paying through the nose if your bond has a lot of years left to pay. IE: Ours were 2020 numbers district 8, residential unit 159:
Bond balance: $17,995.79
2021 payment due in 11/20:
$656.96 principal
$725.04 interest
$96.06 Admin fee
$1,478.06 Total due
$17,338.83 2021 Balance
__________________
Terry
Always be humble and kind.