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Non-Cattle Specific Topics
Every Thing Else Board
farm budgeting
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<blockquote data-quote="1982vett" data-source="post: 778085" data-attributes="member: 7795"><p>I'd guess the loan is nearing the end where more of your payment is going toward the principal. Might even guess that you have about 3 years left to pay on it. At the beginning of a loan a higher percentage of a payment is going toward interest. At the end of a loan less of the payment is interest and the principal balance starts to shrink faster. I'm thinking that refinancing a longer term loan with about 3 years left to go into a lower interest 3 year loan would basically reset the clock (so to say) where a higher percentage of the loan payment is going to interest again. May not be more money going to interest, but the ratio between the two is changed.</p></blockquote><p></p>
[QUOTE="1982vett, post: 778085, member: 7795"] I'd guess the loan is nearing the end where more of your payment is going toward the principal. Might even guess that you have about 3 years left to pay on it. At the beginning of a loan a higher percentage of a payment is going toward interest. At the end of a loan less of the payment is interest and the principal balance starts to shrink faster. I'm thinking that refinancing a longer term loan with about 3 years left to go into a lower interest 3 year loan would basically reset the clock (so to say) where a higher percentage of the loan payment is going to interest again. May not be more money going to interest, but the ratio between the two is changed. [/QUOTE]
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