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Farm Loan Payment
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Usedtofarm
Posted 10/9/2024 08:38 (#10920226 - in reply to #10920010)
Subject: RE: Farm Loan Payment


redoak - 10/9/2024 05:37

Kooiker - 10/8/2024 23:59

Put the $400 saved on interest every year towards paying an extra $400 of principle.

That's how you get to saving real money over the life of the loan.



+1 anytime you can put some extra towards the principal amount it cuts off payment time

For homeowners paying every 2 weeks rather than monthly knocks a few yrs. off the mortgage


My two houses I have borrowed to purchase, I priced a 30 year loan and a 15 year loan. Both times I got a better % rate with the 15 year and the payment was not much larger. Most people can find the additional funds to make the 15 yr, mortgage work. And then pay a small additional amount each month and that 15 year is paid off in 10-11 years.
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