Myth : It's been long time since I wanted to talk about this Myth which every CCNA deals with once in a while. It's a very common misconception that If we point two static routes for same destination with one being having next hop address vs other with exit interface; in such case load balancing will not occur. The reason given being is that the static route with exit interface option will show up in local routing table as "connected" and as we all know that connected has AD value of "0" Vs static route pointing towards next hop with AD value of "1". So by that rule the route with exit interface wins over route with next hop and because of that load balancing won't occur.
Let's hop on to command line to verify whats going on. I am going to use two routers connected back to back using two WAN interfaces. We will create 1 loopback on each router as "x.x.x.x/24" where X = Router Number.
After this we will point out one static route toward destination loopback of other router with same prefix length and then we will examine if load balancing is occurring for traffic or not.
Lets Hop on to routers and put the config:
R1(config-if)#ip add 220.127.116.11 255.255.255.0