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We bought some land awhile back that ajoins our farm. We took a traditional 30 year loan on it, so that the payments would be low. (we delibertly wanted low payments as at the time my husbands company was going thru some restructuring and if we lost his job we knew we could make these low payments--we have no other debt)
Anyhow, I have been paying ahead of it-some months making a regular low payment (such as Christmas time or months we fill the propane tank) and other months paying an extra several hundred in principal.
Today, I discovered that in just a short time of 23 months that we have had this 30 year loan, I have now cut it WAY down. If I started paying ONLY the required amount today, it would be paid off in less than 15 years. However, I intend to keep paying ahead when possible.
So, in 23 months, I have cut the loan to less than half.
That feels GOOD!
Anyhow, I have been paying ahead of it-some months making a regular low payment (such as Christmas time or months we fill the propane tank) and other months paying an extra several hundred in principal.
Today, I discovered that in just a short time of 23 months that we have had this 30 year loan, I have now cut it WAY down. If I started paying ONLY the required amount today, it would be paid off in less than 15 years. However, I intend to keep paying ahead when possible.
So, in 23 months, I have cut the loan to less than half.
That feels GOOD!
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