Quote:
Originally Posted by willbush
Paying off the bond which interest/admin fee is high; after seeing it barely moved in amount left just like a mortgage we paid it off after the first year; huge savings on our tax bill where you pay it yearly
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Re: the bond
It has a 30 year payout. People who have a mortgage do not, at least I did not, think.
We tend to think, so much per month. On a 30 year loan the pay off of the loan amount is minimal on a per month basis.
Huge saving on tax bill? I expect taxes to change yet again. But, under our present tax structure, far fewer people get more than the standard deduction. So interest on the bond or a mortgage saves you nothing in a tax deduction.