Expert, localized Los Angeles answers provided by Heather Roy

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Eight Years Left

  Dear Edith: We would like to sell our house but we have eight years left to go on our mortgage. Would this be wise or should we wait? We don’t really want to be here eight more years.
 
 

I'm not sure what you're asking, but at any rate the time left on your mortgage has nothing to do with deciding when to sell. If you wait, you’ll pay off the remaining debt over a period of eight years, with interest. If you sell now, you’ll pay that whole amount at the closing. Trust me, it’ll come out about the same either way.

 

    Edith
Originally published on November 29, 2005
 
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