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New Idea

November 21st, 2006 at 03:43 pm

Based on Tinapbeana's comment on my last post, I jotted down some notes on what would happen if I paid off my car loan right now from my VA account:

$9199.72 - total amount owed on the car if I continue making monthly payments

$8674.31 - total amount owed on the car if I pay it off now

$2102 - total amount left in the VA account if I used it to pay off the car loan

14 - number of school loan payments I could get out of the VA account after using it to pay off the car loan

$3788.12 - amount I could add to my account over 14 months by not having to make car payments

$525.41 - difference between the total of the remaining car payments and the current payoff amount

$4313.53 - total amount I could save over 14 months if I paid off my car loan today

28 - number of school loan payments I could get out of the savings from not having to make car payments over the next 14 months

(thanks for the idea, Tina!)

Posted in Uncategorized | 2 Comments »

2 Responses to “New Idea”

  1. tinapbeana Says:
    November 21st, 2006 at 03:51 pm 1164124272
    1164124272

    awesome! whichever direction you decide, sitting down and figuring out what makes it work for you based on the numbers is always the way to go!

  2. janH Says:
    November 21st, 2006 at 05:11 pm 1164129092
    1164129092

    Oh darn, this made my brain start to hum.....I'm beginning to think. hmmmmmm--need to look at some numbers in my budget!

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