Should I pay off a loan with a low interest rate (3%) or not?
I have some loan for my apartment, the interest rate is 3%. I have enough savings to pay it off, but am thinking that it might be better to stick to the monthly payments and keep the savings in accounts with higher interest or return rates.
Also, I've been paying additional few hundreds towards the principal every month, thinking that it would shorten the time to pay off, but does that even make sense, if I were to apply the same logic?
I'm bad at finances, what am I missing here? Please advise.