We're in the process of refinancing so Interest is on the brain. So I discovered a new tool to play with: The Early Mortgage Payoff Calculator It blew me away when I tried out our numbers. For example and extra $100 a month would save us over $50,000 in the end. I understand Interest, Rates and everything else, trust me. But I'd never really played around with the numbers before. Let's just say - This Little Family is going to be doing some serious budget evaluation in the next few days.
"Interest never sleeps nor sickens nor dies; it never goes to the hospital; it works on Sundays and holidays; it never takes a vacation; it never visits nor travels; it takes no pleasure; it is never laid off work nor discharged from employment; it never works on reduced hours. … Once in debt, interest is your companion every minute of the day and night; you cannot shun it or slip away from it; you cannot dismiss it; it yields neither to entreaties, demands, or orders; and whenever you get in its way or cross its course or fail to meet its demands, it crushes you." - President J. Reuben Clark Jr. Conference Report, Apr. 1938, p. 103