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It’s good to know how most loans are structured. You are scheduled to pay the same amount monthly for the entire loan term. Initially, most of your money goes toward interest charges. Only a little goes to reduce the original loan amount, or principal. Over time, a bigger portion of each payment is directed toward the principal and less goes for interest. By adding a few dollars, or more, to each payment, you can shrink the principal more quickly. This calculator could help you speed up your repayment schedule and reduce total interest charges.
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