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Lock interest for 15 or 30 years ??
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swne
Posted 11/21/2012 00:00 (#2708620 - in reply to #2707892)
Subject: Re: Lock interest for 15 or 30 years ??


Cambridge, southwestern Nebraska
Me too.With inflation those later payments will look minmal. I would make it so you could pay it off say after 5 or 10 years. Probably be better to use extra capitol later on to buy more land than pay off a loan at 5.5%.
Interest isn't a huge part of the repayment right now. Used to be anything over 15 to 20 years when interest was at 7% or more interest amounted to half the repayment. Now it is only about a 1/3rd to 40%.
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