Originally Posted by
Chasing Hawk
Thank you everyone for the replies.
Sharon,
We can make an extra payment if we choose. But the way I see it, the longer we pay on it the better our credit.
I should have said $144,00 @ 5% interest on a 30 yr fixed mortgage. (makes more sense)...haha
In the 5 years of paying of the truck our credit rating is up past where we thought it would be.
That's an expensive way to get/keep good credit. By the calculations I've done using mortgage calculators you can save 8 years off a 30 yr mortgage and lots of interest. I figured we could save $38,000 in interest by doing that on our mortgage.
I would think you could do it by smart use of credit cards too. As it was, we were able to pay off our mortgage(not a very large one) in full ahead of time and save the interest that way.
Congrats on paying off the truck. It's a good feeling isn't it? We did that and now that money goes into a future car fund so we'll have the money when we're ready for another car.