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Rick:
The extra payment per year is a good choice. I have set up a number of folks with bi-weekly payments which work out to the desired 13 monthly payments. Works out well for them. Of course, depending on where you are located, as many have pointed out, property values vary all over the map. It is still possible in areas of Arizona to get one heckuva deal for under a quarter mill.
It is interesting the reaction you get from people when you take their interest and principal payment, multiply it by the number of months in the contract, subtract the original loan amount and show them the interest they are paying over time!!
__________________
Bob S. former owner of a 1984 silver 944
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