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Originally Posted by shane_c
If we were to sell our house before our mortgage term expired what sort of penalties can we expect? Is it just the interest we would have paid back for the remaining term? If we decided to sell as an assumable mortgage could we get away from these penalties? With an assumable mortgage do we specify we would like X amount of dollars and then you can assume our mortgage?
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You have to pay the extra interest. We switched houses (and redid the mortgage) recently, and IIRC we had to pay about $900 or so to pay out the current mortgage.