Finish Him! — Paying off the last bit of debt

It’s been a year since we started aggressively attacking our debt. The first to go was the car loan with an 8+% interest rate, and it was an obvious choice. Just by paying that off early, we’ve saved more in interest fees than we would have earned on that same cash in a savings account. Since we started seriously trying to kill our debt, we’ve gone on to also pay off Alex’s student loans and finished paying for the new windows in our home. That brings me to the topic of this posting: the last bit of debt, which is my truck payment. Over the past 10 months, I have been aggressively attacking that loan by throwing as much cash at it each month as I could without feeling like I didn’t have enough emergency cash available. The interest rate on the loan is only 1.75%, so I’m not saving an extreme amount of money by paying this off early, but it does add up. My agreed upon payment for the loan was $501 per month, and in the grand scheme of things this is quite ridiculous. Nobody should really be paying that much money towards a motorized couch, but when I first got into the loan, I had yet to see the light of mustachianism. (more…)