need to understand how finance calculation work

bigdogger wrote:
I would rather be $11,000 in the hole on something I want, that I like and that fits my needs rather then being $6388 upside down on something that isn't working for me.

:E :h :R

The above quote IS the reason so many people have lost homes and or are so far in debt that their children will be taking on the left over burden of their debts.

I am simply amazed every time I see statements like this.. RVs ARE NOT FOREVER, eventually you WILL be replacing it.. Buy, finance, pay for one that is EASILY in reach to pay for..

I have not personally found a RV that "doesn't work for me", many things that bother you can often be reworked with a little effort or learned to like or ignore.

Adding an additional debt from a previous purchase just because the color is wrong, layout is wrong or simply the RV is no longer "in date" is a terrible waste of your buying power..

I guess I have never looked at 5ths, I didn't realize they could be going for $70K +, adding an additional $6K or more debt to that is bad management of ones income. The OP may not be even able to AFFORD the new payment schedule or the loan will need the length extended even further costing them THOUSANDS of Dollars for this "toy".

As it is a $70K loan for 15 yrs will easily cost them nearly $70K in interest or about DOUBLE the purchase price. $140K for a TRAILER of any kind is simply too much.

I would highly recommend the OP plug in the numbers into an Amortization calculator and see for themselves just how much more interest they will be paying..

AMORTIZATION CALCULATOR

I would recommend the OP to reconsider keeping what they have, put extra money towards the Principle of the loan every month and pay the loan down so at least there is zero difference. The Amortization calculator I linked above CAN help you with this.