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%. |