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About Early Loan Payoff
Paying off a loan early means making extra payments beyond your scheduled monthly payment to reduce your principal faster. This can significantly cut your total interest and shorten your loan term.
Extra Monthly Payment: Adding a fixed amount to your regular monthly payment every month. Each extra dollar goes directly toward reducing principal, which lowers the interest charged on every remaining month.
Lump Sum Payment: Making a one-time large payment at a specific point β ideal when you receive a bonus, tax refund, or other windfall.
Before you prepay: Check whether your loan has a prepayment penalty, and confirm that your lender applies extra payments to principal rather than future interest.