It’s not much I know – but this month I decided to throw a symbolic $100 extra to the principle as we’re almost done saving up for the “new” car we need to get. We should start throwing money at it like banshees next month – although the rate will come down a little bit as my wife stays home to take care of the new baby.
This extra payment brings our total interest saved to $7,720.42 from $7499.22 and the loan will be paid 8 instead of 7 months earlier. That $100 extra saved me $221.2 and one month.
That’s quite a good return on investment.