No. of Recommendations: 1
And just for comparison points:

Paying the $6,000 toward the loan now and making those same payments:

$560/month payment - paid off in 59 months

$600/month payment - paid off in 55 months

$700/month payment - paid off in 46 months

$800/month payment - paid off in 40 months

$1000/month payment - paid off in 32 months

So, as you can see, paying the lump sum down now vs. putting it in a savings account doesn't really buy you that much.

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