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Originally Posted by nicksgram51@yahoo.com
New to the area. I thought the amount was only the balance that we pay on it, did not realize they add interest. Does anyone know what interest they charge?
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Check what I am saying. First of all if you have a mortgage call your bank and they can tell you the interest you are paying or who to call. We decided to pay ours off. The interest rates I've heard are 4-5%-they are not the same. It depends on the date of your home, the date of the bond. To make it perhaps more confusing we were told the rate will renegotiate in roughly two years from now. You cannot as you can on a mortgage send extra money and pay the bond off in a shorter time. You need to find the money to pay it all off. Others cannot answer the question for you. Do you have the money to pay it off in full? What is that money earning for you?
To pay it off or not to depends on how long you plan on staying in your home. A typical villager moves three times. I never understand that. Do it right the first time, whatever that means to you. It is far less expensive than doing it over and over and over again