Not stupid to do - but not all that useful either.
A lot of variables at play.
Most importantly - remember that what little you're paying in interest is tax deductible - so that lowers your actual interest rate considerably.
Then there's inflation - the value of money goes down over time. So a $2000 payment today will only be $1960 next year if there's 2% inflation. (value wise - adjusted for inflation).
So - you've basically got free money. It's not costing you a whole heck of a lot.
You HAVE to factor this in when doing an analysis. You can't just look at the interest paid over 15 years and call that figure a loss.
Then as others have said - what ELSE could you do with the money you'd want to put towards paying it off?
Do you have any credit card or higher interest debt? Get rid of that first.
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Today's Featured Article - A Lifetime of Farm Machinery - by Joe Michaels. I am a mechanical engineer by profession, specializing in powerplant work. I worked as a machinist and engine erector, with time spent overseas. I have always had a love for machinery, and an appreciation for farming and farm machinery. I was born and raised in Brooklyn, New York. Not a place one would associate with farms or farm machinery. I credit my parents for instilling a lot of good values, a respect for learning, a knowledge of various skills and a little knowledge of farming in me, amo
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