I went a little over on the $3000.00 budget but I wanted to get a nice stove that looks good and not just get by as I usually do. This is a big step up on the stove as it is for about 2000 square feet which is more than enough for my house. It also has a dual level cooking top for two zones of heat which gives me more options using the stove. I’m saving a bit of money and floor space going with this stove as I don’t need wall protection or as much distance from the back wall. I should get a lot longer burn time compared to the little cast iron stoves I was looking at purchasing. I also get to look at my fire which I consider a major benefit. There are always trade offs but I want a stove that is easy to use and I think the extra $400.00 spent over budget on the stove will make that happen.
I talked to my credit union and I can get a loan for the total cost and then pay it off early with no penalty. Not the debt free method but it works good on timing for me having stove installed as the shop is busy this month but lots of openings in Sept. I can pay off the loan quickly even considering I went over budget. I figure it will take about 3-5 years for the stove to payback the original cost depending on wood use/cost and how cold winter will be, but I gain peace of mind that I will control my heat and not the utility company or the PTBs.
Since I’m going a little over budget with the stove the Solar generator is not going to get all the extras I wanted to add on with panels, extra inverter and batteries. Once the wood stove is paid off I can focus on the solar generator and get it finished up. I have read so many stories about people that decide that they must buy everything they can/need on credit cards and when the world does not end they are in a major bind trying to make payments. I still think paying cash as you go is the best, but I can see that taking out a small loan can also be an option. Just make sure you can pay it off as quickly as possible. If you are getting a loan with the lowest payment and longest term you might be making a mistake. That compound interest can really kill your budget!
So the basic payment for the loan can be paid my savings from the house refi, and then I will be paying it off as quickly as possible probably about Jan. or Feb. because of the extra cost of the stove itself. A little longer than my original goal of having it completed this year but not to bad considering all I wanted to get done in 2013. Bonus is the stove will be installed and I can use it all winter and save money on the power bill. I can plow that extra savings into the payoff of the stove! So I could get it all paid off by Dec. if everything hits just right. I’m not counting on that, but it is possible.