Quote:
Originally Posted by somatic
oooooooo i get it now  i was over thinking it lol
3 year loan paid in three years = paying all interest
6 year loan with similar interest paid off in 3 years = half the interest paid |
Yeah... 3 year loan guy at 3 years pays 800 more than 6 year guy at 3 years.
6 year guy pays equal at 4 years to 3 year guy.
Years 5 and 6, 6 year guy begins to pay more.
Knock it out it out in 2.5 or 3 on a 6 year and pay less than both. Especialy if you make the. 2.5 deadline. Your. Second payment is totally to the principle. You save on interst, taking a long term finance and making it short term rather than paying a banks short term loan which a facad of lower payment if you do it like me. Understand?