Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can I make extra principal payments so I can pay off the loan more quickly? Is there a prepayment fee?

April 26, 2017extra fee loan pay PAYMENTS prepayment Principal quickly

0

Posted

Can I make extra principal payments so I can pay off the loan more quickly? Is there a prepayment fee?

1 Answer

0

Posted

Depending on the loan, and what your state permits, it is feasible for you to make extra payments on the loan. Extra payments will have an effect on the amortization schedule over the remaining term of your loan.