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Originally Posted by Spartan86
Thanks for the info. I was just looking at our amortization schedule recently. I understand the arguments against the payoff - mainly that you likely will not recover it, hard to say. And yet, as of late it is costing us about $1400 per year to not pay it. Our balance is around $28K@4.33%. As noted on the Deluna thread, many there are at just over 3%. New builds near Eastport are at 5.19%.
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There have been some very long threads on whether or not it makes sense to pay off the bond.
I saw that in 12 years I would have paid the same amount whether I made yearly payments or simply paid the balance then. On the one hand I would lose any interest that I might make off the money if I kept it in my account but on the other, if I made yearly payments for those 12 years I would still have a $10,000 balance remaining.
I bet that I would be in the house 12 years and paid the balance. If the time period was 20 years then I might have made a different decision.
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Why do people insist on making claims without looking them up first, do they really think no one will check? Proof by emphatic assertion rarely works.
Confirmation bias is real; I can find any number of articles that say so.
Victor, NY - Randallstown, MD - Yakima, WA - Stevensville, MD - Village of Hillsborough
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