In 99 I did about 50k loan at 7-1/4 on 30 year loan. I had plans at the time we got it. If you pay more than your payment it has to go to the principal. In early 09 we made the last payment. But I was in a position where I assigned work schedules and none of the kids I had wanted overtime that HAD to be done. I averaged about 76 hrs a week over that time. Got Er Done!! My point being every buck you can add to your payment knocks about 10 off at the end. Not sure of that number it was given to me by a Accountant. But I knocked out a 30 yr loan in less than 10 years!! Thank You; WV Division of Corrections!!! :mugshot: Working Lockup in a Max. Security Prison!
My point being every extra buck you can stick on your loan makes life a whole lot easier down the road. obustard has hacked my retirement so bad I don't know how I would make it with that payment still over my head.