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| Yeah, you are basically making an extra payment each year, so 13 payments instead of 12. No real magic. I was a little surprised at the 7 year claim as well but I guess if you do it from the start where the extra payment goes all towards principal it would add up. The early years on a 30 year mortgage are almost all interest... Still impressive. Also, the kind of people that are geared to pay debt off as quickly as possible probably do other things right as well so I wouldn't be surprised by the anecdotes of people using this method have a lot of success in aggregate. | |
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Farm Loan Payment
