| Usedtofarm - 10/8/2024 13:20 Where am I wrong? I completely agree with SWMustang above.
You are looking solely at the yearly payment amount.
Look at the big picture, the total amount that has to be paid to pay off the loan.
The faster you pay off principle, the less interest you owe. If you take those dollars that you didn't have to pay towards interest and put them towards principle, you pay down the principle faster, which in turn means less interest, which gives you more $'s to pay towards principle, so on and so forth.
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Farm Loan Payment Early
