My loan goes until August of 2027, so a little over one more year. But I only have $1995 total left and my payment is $412/mo, plus I’ve been paying extra towards principal only. So do I just keep paying until it’s paid off then I have to wait until the loan is up next year- assuming I’d have to pay small amounts of interest each month still? Or do I wait until it’s really low like $400 or less left and request a payoff quote? Right now the payoff quote is like $2400.
Trying to pay it off asap as I’m moving jobs soon and will be taking a pay cut. But is it cheaper to wait out the loan vs paying off early? I am aware of the credit hit from paying off early. My credit is pretty good and I’m prepared for that.
u/Automatic-Panda-2889 — 23 days ago