Re: Closing Costs - New vs. Resale
nanci2539
That’s the way it works. The bond can be paid off over 30 years with interest of course. Instead of about a 1.5% tax rate you will pay around 2.5%. So lets say your tax would have been 3750 with no bond it would now be around 6250 on a 250,000 house with no exemptions. I might be a little off but not much. So yes you don't have to pay it off but you will pay interest.
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