Pay the piper or keep paying?

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wow my math is way off! sorry after actually using a calculator the others are spot on! I guess My free handed math isnt is good as it never was??? LOl sorry
 
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Being the third child with the older ones wrecking and trashing theirs purchased by the "Daddy-Dollar" bank, when it came time for me to join the driving set, I was told "You're on your own". I joined the Service and purchased my first vehicle after saving for two years of military pay for cash. A 1974 dodge van for $3600.00 new------I drove that for 25 years before I bought another vehicle for myself---the current "Diesel Beast" Ford Pickup, which I have been driving for over a decade now. If I don't have the cash for it, I don't buy it. By the way, the Van had a nickname too----it was called the "possum van" after a simalar van on the Red-Green show. I sold that Van after I bought the "Diesel Beast" to a Kid for $400.00 cash that answered the ad in the local paper I wrote: 1974 Dodge Van 318 V-8, three on the tree, one owner, runs okay. The Kid took one look inside at the fur covered bed, plush carpet, paneling, but it was the 1968 decopage of "Miss September" hanging up that I said went with the Van that sold it. He drove that Van off with a grin from ear to ear, telling me he was headed for the lake that weekend for a "party".
 
Similar thing is included in other loans... Principal Only Payments... payments straight to the meat of the loan instead of just paying the interest (which you pay FIRST with a mortgage)... mom made a point of every year making at least one POP, but then hers didn't include a penalty for doing so. Lowers the amount of the loan, and thus lowers the amount of interest on it. One extra payment over the course of a 30 year mortgage... adds up to a lot of interest saved.

Yeah, definitely find out what your bill would be if you paid it off early, or made POP payments... if there's no specific POP penalty then you might consider making one (tax return?) in some amount just to lower the monthly payment... still can drag it out the full time and avoid that fee, but the payments would EACH be lower... IF there's no penalty that is... I donno if you could swing it but if you can, awesome.
 

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