See how adding an extra amount to your monthly loan payment shortens your payoff time and reduces total interest.
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Extra payments go directly toward reducing your principal balance, which reduces the interest charged in every subsequent month for the remaining life of the loan, so the savings compound over time.
No, some loans charge a fee for paying off early or making extra payments. Check your loan agreement or with your lender before making extra payments.
If your payment doesn't cover the monthly interest charge, the loan balance would never decrease. The calculator will show an error in this case rather than an incorrect result.
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