If I paid off my mortgage,?

Question

do I still pay the interests? I'm aware I still need to pay home insurance and property taxes.

Thanks!

Answer 1

no more interest once mortgage is paid off and burned - just taxes, insurance, utilities, etc

Answer 2

Once you have paid your mortgage off that will end your interest charges.  

Your payoff is not the same dollar amount as the figure you might see as your loan balance.

Your payoff would be the loan balance plus and interest owed since the last payment.  That might add a few hundred dollars.  Of course there may be a few other charges.  An FHA loan does not prorate to closing date.

Answer 3

With the exception of a pre-payment penalty (which is illegal past 3 years on a property), you only pay the principal payoff plus some misc fees.

Answer 4

If you owe no money on the house then of course there is no interest.

Answer 5

Once it's paid off there is no more interest.

Answer 6

INTEREST IS THE "fee paid for the use of the money".  ONce

the money is returned, the interest payments stop.

YOU pay for home insurance only if it covers things like

the building and the equipment in it in case you have a fire

or fllood or other weather problem.

Taxes are collected by the county to pay for public  schools

and firemen  and police.  

I hope that answered your question in more detail.

Answer 7

No, once you pay off your mortgage the account is closed, you get your escrow back, and you will need to send tax checks directly to the taxing authority and pay your own home owners insurance directly to the insurance company.