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How do extra payments affect my loan?
Extra payments go directly to principal, reducing total interest and shortening the term. Even small extra payments save thousands.
What is APR vs interest rate?
Interest rate is the cost of borrowing. APR includes rate plus fees, giving a more complete cost picture.
Should I pay off my loan early?
Check for prepayment penalties first. Consider if investing extra money would earn more than the loan's interest rate.
What factors affect my loan rate?
Credit score, loan amount, term length, collateral, and current market conditions all affect the rate you qualify for.
What is amortization?
Amortization is the process of spreading loan payments over time. Early payments are mostly interest; later payments are mostly principal.