BrentJones
Member
Who did you finance with? I would like to do what you're doing, have the option to pay more down on the principle when it is convenient, but not be tied to a high monthly payment. I'm in sales and it can be feast or famine, so I have to go with as low as possible payment for when it's bad, but pay more down when times are good.Hampton said:I got 6.5% with 10% down, and it was good at anywhere from 12 - 20 years. I wanted 15, but they worked it up at 20 years. Then, it was between Christmas and New Years, and I had to close by the end of the year, so I went with the 20. My payments are really low, but I don't want to be lulled into a false sense of happiness, so I think I'm going to make extra principle payments.
Even though I bought an '05 well below retail, I don't think I can stay above water (so to speak) let alone build up any equity if I just make the required payment. The good news is that I can cut back to the min required when times get tough - and they will.
I'm not sure I want to put 15% down. I don't like to put money down on depreciating purchases, I'd rather have that money earning rather than sitting in a bad investment.