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If your lender allows it, you can make additional payments directly toward the amount of money you borrowed — the principal — which can help you pay off your loan faster. This method helps borrowers reduce the total interest paid and potentially shorten the loan term, offering a distinct financial. When you get a loan, your monthly payments primarily consist of principal and interest

As a general rule, making extra payments just toward the principal balance can help you pay off a loan faster and reduce the overall cost of the loan Making additional payments on a loan can significantly impact its overall cost and duration Do large principal payments reduce monthly payments?

Learn more about principal payments.

Doing so can help you pay off the loan early and save you money overall For example, say you have a $400,000 mortgage with a 6% interest rate and $2,398.20 monthly payments. A principal payment is a lump sum that lowers the loan balance and interest cost

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