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Even small extra payments applied directly to principal can shave years off your loan and save thousands in interest.

Making half-payments every two weeks results in one extra full payment each year, accelerating payoff.

If interest rates drop significantly, refinancing can reduce your monthly payment and total interest paid.

We use the standard loan payment formula: P = [r*PV] / [1 - (1 + r)^-n] where P is payment, r is periodic interest rate, PV is loan amount, and n is total number of payments.

Principal is the amount you borrowed. Interest is the cost of borrowing that money. Early in the loan, most of your payment goes toward interest.

Extra payments reduce your principal balance faster, which means you pay less interest over the life of the loan and can pay off the loan early.